iHeartMedia’s Clear Channel Outdoor Ad Business Splits Up

Financial Times: Clear Channel Outdoor, the billboard advertising business owned by iHeartMedia, is splitting the management of its U.S. and international operations — just three years after it united them under a single CEO. The restructuring will fuel speculation that Clear Channel is planning to convert its U.S. unit into a real estate investment trust, following similar moves in 2014 by rival U.S. groups Lamar Advertising and Outfront Media. Analysts have long argued that this would allow CCO to cut its tax bills and boost its valuation.