Clear Channel Outdoor Confirms Sale Of Assets To Lamar Marketing, Notes It Received A 'Very Attractive Offer'

, an outdoor advertising company,

on Thursday two transactions involving the sale of 5 non-strategic outdoor markets to

for an aggregate amount of $458.5 million. The first transaction involves the sale of Clear Channel's Reno, Seattle/Tacoma, and Des Moines markets. The second transaction involves the sale of Clear Channel's Cleveland and Memphis markets. Clear Channel noted that the purchase price of $458.5 million represents a blended multiple of 12.5x of the 5 market's OIBDAN for the 12 month period ending September 30. Scott Wells, Clear Channel's CEO noted in the company's press release that Lamar Advertising made a "very attractive offer" that makes sense for his company. The executive added that the transactions "give us more focused operations and free up resources to continue to drive innovation in the out-of-home space." Shares of Clear Channel were trading lower by more than 8 percent at $5.40 early Thursday afternoon while shares of Lamar were trading higher by 0.13 percent at $60.76.