Clear Channel Settles SEC Probe Over Chinese Subsidiary Bribery Charges
Portfolio Pulse from Nabaparna Bhattacharya
Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) has settled a probe with the U.S. Securities and Exchange Commission (SEC) over bribery charges related to its former Chinese subsidiary, Clear Media Limited. The company will pay the SEC approximately $26.1 million in disgorgement, civil penalties, and pre-judgment interest. The U.S. Department of Justice has declined to pursue any charges against the company. Clear Channel's shares closed higher by 6.54% at $1.63 on Thursday.
September 29, 2023 | 12:11 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Clear Channel settles SEC probe by agreeing to pay $26.1M. This settlement, along with the DOJ's decision not to pursue charges, may bring some stability to the company's stock.
The settlement of the SEC probe and the DOJ's decision not to pursue charges removes a significant legal risk for Clear Channel. This could bring some stability to the company's stock in the short term, although the financial impact of the settlement could put pressure on the company's balance sheet.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100