iHeartMedia Sells Billboards to Help Pay Down Debt

Business Report: In a mammoth $458.5 million deal, Baton Rouge-based Lamar Advertising has purchased more than 5,500 outdoor signs and digital displays in five major U.S. markets from Clear Channel Outdoor Holdings. Clear Channel is selling some of its assets to pay off some of the $20.6 billion in debt held by parent company iHeartMedia, which owns about 90% of Clear Channel.