What happened

Clear Channel Outdoor Holdings (NYSE:CCO) saw its stock fall 12.6% on Friday to just $0.78 per share on no discernible news. And as it heads into its next earnings report, expected in the first week of May, the outdoor advertising specialist may become more volatile.

So what

The billboard company is facing several problems, most prominently an economy stricken by the coronavirus pandemic that is leveling outdoor advertising because travel is virtually nonexistent.

Abandoned billboard

You don't need a billboard to see that Clear Channel Outdoor is in trouble. Image source: Getty Images.

Moreover, Clear Channel is struggling to rein in a burdensome $6.7 billion net debt load, and has proposed selling its near 51% stake in Hong Kong-based Clear Media to Ever Harmonic Global, a business in the Cayman Islands, for $253 million.

To add to the confusion, Clear Channel also received a delisting notice from the New York Stock Exchange, giving it six months to get its stock price to trade above $1 for 30 days or more.

Now what

There's no magic bullet to dramatically save Clear Channel. Rather than a quick resolution to the pandemic, this will be a drawn-out affair, even if states like South Carolina and Georgia have begun cautiously reopening their businesses.

With 22 million people unemployed, travel will be taking a back seat, and companies won't be opening their wallets to spend big on billboards anytime soon.