Thursday, November 30, 2023

Clear Channel Outdoor Holdings, Inc. Successfully Completes Sale of Clear Channel France to Equinox Industries

Explores Further Business Opportunities in Europe-North and Latin America

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Clear Channel Outdoor Holdings, Inc. is pleased to announce the successful completion of its sale of Clear Channel France to Equinox Industries. This strategic move marks a significant step in the company’s ongoing efforts to optimize its portfolio, strengthen its balance sheet, and demonstrate the operating leverage of its business model.

In addition to the sale of its French business, Clear Channel Outdoor Holdings, Inc. has initiated a process to explore potential opportunities for divesting its businesses in the Europe-North segment. This segment encompasses operations in the United Kingdom, the Nordics, and various other countries throughout Northern and Central Europe.

Simultaneously, the company has embarked on a strategic review of its Latin American businesses, which includes operations in Mexico, Brazil, Chile, and Peru. These actions represent Clear Channel’s commitment to acting in the best interests of its shareholders and driving value creation for the future.

Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc., emphasized the company’s dedication to sustainable growth and capital structure improvement: “Following the sale of our business in France, we have divested, or have agreed to divest, all of our Europe-South segment operations. We continue to take meaningful action to optimize our portfolio and improve our capital structure, including initiating a process to sell our Europe-North segment and conducting a strategic review of our Latin American businesses.”

The company remains focused on delivering profitable growth and is actively exploring options to ensure the best possible outcomes. It is important to note that there is no guarantee that the initiation of these processes will result in specific transactions or outcomes. Clear Channel Outdoor Holdings, Inc. has not set a definitive timeline for the completion of these processes, may suspend them at any point, and will provide further updates only if the company’s Board of Directors approves a course of action requiring additional disclosure.

Clear Channel Outdoor Holdings, Inc. has enlisted the support of financial advisors to facilitate these strategic endeavors. Moelis & Company LLC and Deutsche Bank Securities Inc. will assist in the sale of the Europe-North segment, while Moelis & Company LLC will provide expertise for the strategic review of Latin American businesses.

Furthermore, during the third quarter of 2023, the company’s plan to sell its businesses in the Europe-South segment met the criteria to be reported as discontinued operations. This development aligns with Generally Accepted Accounting Principles and will result in changes to the presentation of the company’s financial statements.

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