RE:RE:RE:RE:RE:CCI don't know why TD used $43 mil. for Clear Media, but I think long-term Clear Media will be worth more than the $75 mil. or so that Aimia paid for its 11% stake, based on the simple assumption that at some point the business will reclaim its pre-Covid earnings. In 2019 Clear Media did CAD $150 mil. in EBITDA, so if Aimia paid $75 mil. for 11% that's a valuation of roughly $700 mil. (company had net cash balance sheet so no need to add debt here), meaning they paid just under 5x EBITDA for the business on trailing 12 months basis back then (they bought it during Covid crash in spring of 2020).
So while the anticipated recovery has yet to fully materialize, I think it will, and they will eventually covert the panels to digital which should turbo charge the business going forward. So I think that one is highly likely to work out at some point. Unless China attacks Taiwan in the interim.