San Antonio Business Journal story. (Clear Channel is located there)
While Clear Channel has a lot of theoretical Goodwill and Intangible assets (FCC Licenses) in their radio business, their hard tangible assets are in outdoor billboards, and advertising in airports and bus stops in Europe.
There is a pretty good chance you’ve seen Clear Channel’s Jumbotron-like electronic billboards lighting up the sky along major urban freeways around the country.
To settle a lawsuit in 2006, the City of Los Angeles agreed to let Clear Channel (and CBS) erect 100 of these things around the city – now the city found a judge to allow the city to renege on their agreement and the companies have been ordered to turn them off due to community opposition.
This decision might put Clear Channel in a financial world of hurt. Given the politics of Southern California, I would be shocked if they weren’t purchased by one of the Billionaires from South of the Border. Viva la Raza!
Did you say renege? You have to do it when no one is looking:
http://tombstone001.blogspot.com/2013/04/dog-and-pony-show.html
APPEAL, APPEAL, APPEAL…..Find a better judge, no matter the cost.
http://www.dbcovers.com/imagenes/backdrops/grandes/tres_mujeres_para_un_caradura_1991//tres_mujeres_para_un_caradura_1991_1.jpg
The lights are off. The LA Times is happy.