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  "documentTitle": "Legion Clear Channel Outdoor Letter May 2023",
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      "text": "Waterfall chart showing Americas, Europe/LatAm, Corp Expenses, Net Debt, and Implied Value",
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      "text": "Note: Assumes $620mm in Americas Adjusted EBITDA, $152mm in Europe and Latin America Adjusted EBITDA and $131mm of Corporate Expenses, resulting in a consolidated Adjusted EBITDA estimate of $641mm in 2024.",
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      "text": "Source: Legion Partners' Estimates, Clear Channel Investor Day.",
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      "text": "To further illustrate this point, we were disappointed to learn on the most recent first quarter earnings call...",
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      "text": "Though multiples for publicly traded OOH peers... The time for action is now.",
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      "text": "value of Clear Channel's assets, which we believe is significantly higher than what is implied by CCO's current stock price...",
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      "text": "2024 SOTP Valuation",
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