Clear Channel Outdoor Plans $375 Million Debt Repayment Following $625 Million Sale of European Operations

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) inked a deal to sell its Europe-North segment businesses to Bauer Radio Limited for $625 million in cash.

The transaction is valued at around 6.5x the Europe-North segment’s results for the twelve months ended Sept. 30, 2024.

The company plans to use the proceeds to repay the outstanding CCIBV term loans of $375 million, plus accrued interest.

The transaction is projected to close in 2025, upon satisfaction with regulatory approvals.

Clear Channel Outdoor CEO Scott Wells called the Europe-North segment sale “another significant step” in the company’s “strategic plan.”

Clear Channel remains focused on growing its “America and Airports segments to organically improve cash flow and reduce leverage on our balance sheet,” he added.

Last month, the company’s Airports Division won a 10-year contract from the Wayne County Airport Authority. It will continue enhancing the advertising and sponsorship program at Detroit Metropolitan Wayne County Airport (DTW).

Price Action: Clear Channel shares closed lower by 3.47% at $1.39 on Thursday.

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