Los Angeles Angels owner Arte Moreno and Carvana boss Ernie Garcia II are buying up shares and debt of billboard firm Clear Channel Outdoor Holdings, new filings show.
A digital billboard owned by Clear Channel displays an unofficial temperature, Monday, July 17, 2023, in downtown Phoenix. Los Angeles Angels owner Arte Moreno, Carvana boss Ernie Garcia II and a third partner are buying up shares and debt of billboard firm Clear Channel Outdoor Holdings, new filings show.
Garcia II, owner of Phoenix-based used car dealership DriveTime Automotive and the controlling shareholder of online used car dealer Carvana, snapped up 3.8 million shares through his investment firm Verde Investments, according to the filing. William Pope, CEO of Scottsdale-based SunChase Investments, also bought 5.6 million shares in the deal, per the filing.
A source familiar with the group’s thinking says they believe Clear Channel’s stock – which is down more than 50% the last 18 months – is undervalued, and that its earnings multiple is only trailing industry peers, like Lamar Advertising Company and Outfront Media, due to the company’s large debt pile.
Moreno and his partners are not the first to bet on Clear Channel’s future. In May, activist investment firm Legion Partnersa 5.1% stake in the firm and sent a letter to the company’s board of directors, urging them to consider more divestitures and even a sale of the entire company. Clear Channel has been working to shed its European assets in recent years.
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