Ackerley Group's 9% of '09 (formerly B3/CCC+) zoomed from an 82 bid to 103, following an acquisition announcement by Clear Channel (Baa3/BBB-). Ackerley is a billboard advertiser and owner of television and radio stations. "The purchase shows that even in a tough environment, there appears to be some market for TV assets," says Andy Van Houten, media analyst and co-head of high-yield research at Deutsche Banc Alex. Brown. Nonetheless, Deutsche Banc maintains its underweight recommendation for high-yield television bonds.
Ackerley Pops On Clear Channel Purchase