Clear Channel Outdoor Holdings Inc. (CCO) announced that it will be acquired by Mubadala Capital in partnership with TWG Global in an all-cash transaction valuing the company at an enterprise value of $6.2 billion. Under the agreement, the investor group will purchase 100% of Clear Channel's outstanding common stock, with shareholders receiving $2.43 per share in cash. This price represents a 71% premium to the company's unaffected share price of $1.42 on October 16, 2025, the last trading day before media reports of a potential deal surfaced.
The transaction is expected to close by the end of the third quarter of 2026, subject to customary closing conditions, including regulatory approvals and shareholder approval. Once completed, Clear Channel's common stock will be delisted from public markets, though the company will continue to be headquartered in San Antonio, Texas.
Financing for the acquisition will be provided through equity from Mubadala Capital and TWG, with Apollo-managed funds committing preferred equity. Debt financing will be led by JPMorgan Chase Bank, N.A. and Apollo Funds.
The agreement also includes a 45-day "go-shop" period, expiring on March 26, 2026, during which Clear Channel may solicit alternative acquisition proposals. However, there is no guarantee that this process will result in a superior offer, and the company does not plan to disclose updates unless its Board makes a decision on a competing proposal.
Additionally, certain holders representing approximately 48% of Clear Channel's outstanding shares as of September 30, 2025, have entered into voting agreements to support the transaction. Clear Channel also confirmed that it will release its fourth quarter 2025 results as scheduled on Thursday, February 26, 2026.
CCO closed the regular trading session at $2.19, up $0.02 or +0.92% at 4:00:02 PM EST. In overnight trading, the stock continued its upward momentum, reaching $2.30, a gain of $0.11 or +5.02% as of 9:10:16 PM EST.
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