Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Q2 2023 Earnings Call Transcript

Scott Wells: Yes. I think certainly, pharma, CPG, yes, I mean, there are knock-on some CPG budgets get activated locally and that ends up looking more like local spend, so that’s a little less one for one. But yes, on the margin, you’re probably right that it probably is a little bit more national. I don’t think – in the kind of planning horizon, I don’t think that, that will dramatically change our sort of 60-40 split because we’re also doing a lot of things to develop in our local business, different sales force tactics, using inside sales, various things like that. So we’re striving to drive growth across our portfolio of customers.

Jim Goss: All right. Thank you very much.

Scott Wells: Thanks, Jim.

Operator: We currently have no further questions. So I would like to hand over the call back to Scott Wells for closing remarks. Please go ahead.

Scott Wells: Great. Thank you, Bruno, and thank you for all of our questions. I’d just leave you with three thoughts. This is a time that there’s a little bit of a pause in the marketplace, and it’s not entirely clear of where the market is going to go. But this business remains a very good business with attractive economics. And it’s a business that we are in the midst, which is our second thought. We are in the midst of derisking it, and we’re making material progress on that, which should be something that pays real dividends over time. And look, we’re an LBO publicly. And LBOs typically are private, and they get to do a lot of things behind the scenes that are hard things that are hard to talk about until they’re done. But when you have them done, you’re really glad that they’re done.

We are striving to be as transparent as we can be. But these are – some of these transactions are pretty difficult. So we’re striving to be transparent. We think we’re making great progress, and this business remains a good business. So thank you for your interest in us, and we’ll look forward to catching up and giving updates as we continue to make progress. Take care.

Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines. Thank you.