Clear Channel Outdoor Holdings said Monday that it has reached an agreement to be acquired in an all-cash transaction valuing the out-of-home advertising company at $6.2 billion. The announcement triggered a 6.4% rise in CCO shares in after-hours trading.
Under the terms of the agreement, Clear Channel shareholders will receive $2.43 in cash per share. That consideration represents a 71% premium to the company’s unaffected share price of $1.42 on October 16, 2025. The transaction received unanimous approval from Clear Channel’s Board of Directors and is expected to close by the end of the third quarter of 2026.
The acquisition will move Clear Channel from public ownership to private, with Mubadala Capital and TWG Global leading the buyout. The two investors have committed roughly $3 billion of equity capital to the deal. Media and technology executive Wade Davis is expected to join Clear Channel’s leadership team as Executive Chairman once the transaction is completed.
Commenting on the deal, Clear Channel’s Chief Executive Officer Scott Wells said,
"We believe this transaction delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business, and positions Clear Channel for its next phase of long-term growth."
Several financing elements accompany the acquisition agreement. Apollo-managed funds have committed to provide preferred equity for the transaction. Debt financing will be arranged by a syndicate led by JPMorgan Chase Bank alongside Apollo Funds, according to the announcement. The company said it will remain headquartered in San Antonio, Texas after the close.
The agreement includes a 45-day go-shop period, during which Clear Channel may solicit alternative proposals from other potential buyers. Shareholders representing about 48% of the company’s outstanding shares have already committed to support the transaction.
Clear Channel also confirmed it will release its fourth-quarter 2025 financial results on February 26, 2026, as previously scheduled, but it will not host a conference call to discuss the results because of the acquisition announcement.
The timeline, financing commitments and partial shareholder support outlined in the deal set the path toward privatization while leaving room for competing bids during the go-shop window. The company and its new investors have set a target to complete the transaction by the end of the third quarter of 2026.