Clear Channel Outdoor, which is 89% owned by Clear Channel Communications, is selling its 50% stake in South Africa’s largest outdoor advertising company to its partner, Independent News and Media (INM). Bear Stearns analyst Chris Ensley notes that CCO will receive about 127 million bucks worth of INM stock in the deal, which is well above the 46 million value that CCO carries on its balance sheet for the 50% stake – “so CCO is monetizing its stake at 175% over its carrying value.” What Ensley wonders now, is this an indication of things to come? He says CCO also has minority stakes in numerous outdoor companies around the world. Excluding the South African stake being sold, the analyst says the remaining stakes are carried on the CCO balance sheet at a total of 51 million. How much more are they worth if monetized?