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Why Clear Channel Outdoor Stock Popped Today

Jeremy Bowman, The Motley Fool
·2-min read
Why Clear Channel Outdoor Stock Popped Today

Shares of Clear Channel Outdoor Holdings (NYSE: CCO) were moving higher today after the outdoor advertising company raised its fourth-quarter guidance and said that it was considering selling its European business. In a press release this morning, Clear Channel said that its board of directors had authorized a strategic review of its European business, which includes a potential sale. CEO William Eccleshare added in a statement, "We believe now is the right time to explore options for our European business, which delivered significant improvements in revenue performance in the third quarter, and we now expect Europe revenue in the fourth quarter to exceed our results in the same period of 2019."

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