US EditionClear Channel Outdoor Holdings, Inc. Completes Sale of its Europe-North Segment to a Subsidiary of Bauer Media Group
- Clear Channel Outdoor Holdings, Inc., based in San Antonio and listed on the NYSE as CCO, announced the closing of the sale of its Europe-North segment to Bauer Radio Limited, a subsidiary of Bauer Media Group, on March 31, 2025.
- Clear Channel's priorities include reducing leverage, improving the balance sheet, and enhancing shareholder value, leading to the decision to divest its Europe-North segment.
- The transaction involved a purchase price of $625 million, subject to customary closing adjustments, and resulted in net cash proceeds of approximately $243 million after the full prepayment of CCIBV term loans in the principal amount of $375 million and payment of approximately $12 million of accrued interest.
- According to Clear Channel CEO Scott Wells, the completed sale of the Europe-North segment represents a significant transaction that, along with other international divestitures, totals approximately $745 million in purchase consideration, increasing optionality and reducing risk in the business.
- Clear Channel intends to use the remaining net proceeds to retire the most advantageous debt, which is permitted in the company's debt agreements, with the expectation of reducing cash interest and increasing AFFO, while Bauer Media, marking its 150th year, plans to integrate the acquired OOH business, now named Bauer Media Outdoor, to expand its advertising reach to 350 million consumer touchpoints across 16 European markets and strengthen its core media-related businesses.
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Leaning Left1Leaning Right0Center7Last UpdatedBias Distribution88% Center
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