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Unit files for IPO

Wednesday, Aug. 10, 2005 | 9:10 a.m.

Clear Channel Communications Inc. today registered its outdoor-advertising unit for an initial public offering of up to $350 million in stock, according to a filing with the Securities and Exchange Commission.

San Antonio-based Clear Channel has previously said it plans to spin off around 10 percent of the unit.

Clear Channel will be selling an undisclosed number of Class A shares of Clear Channel Outdoor Holdings Inc. in the IPO. The parent company will keep Class B shares, which have 20 votes each as compared to one vote each for Class A shares.

The shares will be listed on the New York Stock Exchange under the symbol "CCO."

On Tuesday, Clear Channel said outdoor-advertising sales rose 7 percent in the second quarter to $685 million, driven mostly by higher prices for billboards in the United States.

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