Clear Channel Outdoor Holdings, Inc. (CCO), an out-of-home advertising company, on Monday announced that it has entered into a definitive agreement to sell its Spanish business to Atresmedia Corporación de Medios de Comunicación, S.A. (A3M.MC, ATVDY).
The transaction is expected to close by early 2026.
The deal is expected to fetch 115 million euros or approximately $135 million.
The company plans to use the expected net proceeds from the sale to further reduce its outstanding debt and to mitigate foreign currency fluctuation risks.
In the pre-market trading, Clear Channel Outdoor Holdings is 2.27% higher $1.3500 on the New York Stock Exchange.
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