Select Page

Bloomberg: IHeartMedia shouldn’t be allowed to treat its Clear Channel Outdoor unit like a piggy bank and siphon off revenues to repay debts, according to a shareholder suit. Gamco Asset Management, which owns most of the 10 percent chunk of the outdoor-media subsidiary not held by iHeart, accused CCOH’s board of violating a duty to protect its shareholders by always acting in the best interest of the parent company at the expense of the subsidiary.