NY Post reports on effort to “seize control” of CC Outdoor


A strange story in the New York Post claims that some of the biggest creditors of Clear Channel Communications are buying shares to try to “seize control” of Clear Channel Outdoor.

“According to sources familiar with the matter, Leon Black’s Apollo Management and Blackstone Group’s GSO Capital are quietly buying up shares in Clear Channel Outdoor,” the story states.

But, as is clearly spelled out in paragraph five of the very same story, Clear Channel Communications owns 89% of the shares of Clear Channel Outdoor. So, even if someone were to buy up every single one of the shares that are publicly traded, how would they “seize control” with only 11%?