Mario Gabelli Unhappy With Clear Channel Money Swap Agreement

Mario Gabelli’s mutual fund Gabelli & Co. has lodged an objection with Clear Channel Outdoor (NYSE:CCO) after a decision by that company to move up to $1 billion in payments to its parent company Clear Channel Communications. 89% of  the Outdoor business is owned by Clear Channel Communications while the remaining share is owned by a Hedge fund, JHL Holdings, and several private equity members.

Gabelli is among these and maintains a 6% holding of the company’s publicly traded shares. The first of these shares was acquired in 2005 when Clear Channel Outdoor was...