Highest-materiality recent filing
Clear Channel Outdoor stockholders approve acquisition by Mubadala Capital/TWG
Merger proposal approved with 410.8M votes for vs. 509K against; quorum ~81% of outstanding shares.
Clear Channel Q1 rev up 11.9% to $374M; Adj EBITDA up 31%; pending $2.43/sh merger vote May 12
Q1 revenue $373.9M (+11.9% YoY); America +9.6%, Airports +19.1%; digital revenue up 10.7% and 20%.
Received requisite consents for $865M 7.875% notes due 2030, $1.15B 7.125% notes due 2031, and $900M 7.500% notes due 2033.
Clear Channel Outdoor's go-shop period expires; no alternative acquisition proposals received
45-day go-shop period expired March 26, 2026; no alternative acquisition proposals were made.
Clear Channel Outdoor revenue up 8.2% in Q4; pending take-private at $2.43/share
Q4 revenue $461.5M (+8.2% YoY); full-year revenue $1.60B (+6.6% YoY).
Clear Channel Outdoor to be acquired by Mubadala Capital/TWG for $2.43 per share in cash
Per share cash consideration $2.43; go-shop period allows soliciting superior proposals until March 26, 2026.
Clear Channel Outdoor Q3 revenue +8.1% to $405.6M; AFFO up 62.5%; guides FY AFFO +45-62%
Q3 consolidated revenue $405.6M (+8.1% YoY); Adjusted EBITDA $132.5M (+9.5%); AFFO $30.5M (+62.5%).
Purchase price EUR 115M (~$135M) subject to customary adjustments; buyer is Atresmedia Corporación de Medios.
CCO Q2 revenue up 7.0% to $402.8M; guides FY rev $1.57-1.60B, refi $2.05B debt
Consolidated revenue $402.8M, +7.0% YoY; Adjusted EBITDA $128.6M, +7.7% YoY.
Clear Channel Outdoor issues $2.05B in new senior secured notes to refinance existing debt
Issued $1.15B of 7.125% Senior Secured Notes due 2031 and $900M of 7.500% Senior Secured Notes due 2033.
Clear Channel Outdoor launches $2.05B note offering to refinance 2027/2028 secured notes
Private offering of $2.05B aggregate principal in Senior Secured Notes due 2031 and 2033.
Clear Channel Outdoor prices $1.15B 7.125% notes due 2031 and $900M 7.500% notes due 2033
Pricing of $1.150B 7.125% Senior Secured Notes due 2031 and $900M 7.500% Senior Secured Notes due 2033.
Clear Channel Outdoor extends credit facility maturities to 2030, increases ABL revolver to $200M
Maturity on ABL and revolver extended from August 2026 to June 12, 2030.
Clear Channel Outdoor Q1 revenue up 2.2% to $334.2M; net loss widens to $55.3M
Revenue $334.2M (+2.2% YoY); America $254.2M (+1.8%), Airports $80.0M (+4.0%).
Clear Channel closes sale of Europe-North segment to Bauer for $625M; net proceeds ~$243M
Purchase price $625M; net cash proceeds after repaying $375M CCIBV term loan plus ~$12M accrued interest total ~$243M.
Clear Channel Outdoor receives regulatory approvals for Europe-North sale to Bauer
Received all required regulatory clearances for sale of Europe-North segment to Bauer Radio Limited (Bauer Media Group).
CCO Q4 revenue $426.7M (+2.6%); Europe-North sale for $625M; 2025 guidance issued
America segment Q4 revenue record $310.7M (+4.1%); Airports revenue $116.0M (+4.3%).
Clear Channel Outdoor completes sale of Mexico, Peru, Chile businesses for $20M cash plus earn-out
Sold Mexico, Peru, Chile operations to Global Media US LLC for $21.25M total consideration ($34M enterprise value).
Clear Channel Outdoor to sell Europe-North segment to Bauer Media for $625M cash
Initial cash consideration $625M, subject to customary adjustments; multiple ~6.5x Europe-North segment results (12 ms ended Sep 30, 2024).
CCO Q3 revenue up 6.1% to $559M; tightens FY guidance; wins 15-year MTA contract
Q3 consolidated revenue $559M (+6.1% YoY); America +5%, Airports +9%, Europe-North +11.4%.
JCDecaux subsidiary terminated agreement to buy Clear Channel Outdoor's Spain business; JCDecaux withdrew CNMC filing due to required commitments.
Clear Channel Outdoor Q2 revenue up 5.2% to $559M; raises full-year guidance
Consolidated revenue $558.5M (+5.2% YoY); loss from continuing ops $48.3M (loss increased 24.5% YoY).
CEO Scott Wells, CFO David Sailer, CLO Lynn Feldman granted PSUs with target values $3.75M, $1.2M, $1M respectively.
Clear Channel Outdoor Q1 revenue $482M (+10.1% YoY); adj. EBITDA $96.7M (+53.6%)
Net loss from continuing ops of $88.7M vs $85.0M loss YoY; diluted EPS -$0.18.
Clear Channel International B.V. closes $375M term loan, redeems $375M 6.625% notes due 2025
New $375M term loan: $300M fixed-rate at 7.5%; $75M floating at Term SOFR+2.25% (floor 5.25%).
Clear Channel Outdoor issues $865M 7.875% senior secured notes due 2030, extends term loan maturity
Issued $865M aggregate principal of 7.875% Senior Secured Notes due April 1, 2030; interest payable semi-annually starting Oct 1, 2024.
Clear Channel Outdoor prices $865M 7.875% notes due 2030; plans refinancing of $375M notes due 2025
Priced $865M aggregate principal of 7.875% Senior Secured Notes due 2030; closing expected March 18, 2024.
Clear Channel Outdoor announces $865M senior secured notes offering due 2030 to refinance term loan
Private offering of $865M aggregate principal amount of Senior Secured Notes due 2030.
Clear Channel Q4 revenue $632M (+12.4%); Europe-North and LatAm sale processes initiated
Q4 revenue $632.1M (+12.4% YoY); America revenue $298.5M (+0.5%), Airports $111.2M (+44.3%), Europe-North $191.8M (+17.8%).
Ted White appointed to Board and Audit Committee effective Jan 31, 2024; will stand for election at 2024 annual meeting.
Clear Channel Outdoor Q3 rev $517M (+2.7% ex-FX); launches sale of Europe-North
Q3 consolidated revenue $517M (+2.7% ex-FX); loss from continuing ops widened to $51.1M.
Clear Channel Outdoor signs agreement to sell France business to Equinox Industries
Clear Channel France sold to Equinox; CCO delivers ~EUR 42M cash and maintains EUR 30M loan.
CCO issues $750M of 9.000% senior secured notes due 2028 in private placement
$750M aggregate principal of 9.000% Senior Secured Notes due September 15, 2028 issued on August 22, 2023.
Clear Channel Outdoor prices $750M 9% senior secured notes due 2028, upsized from $500M
Offering upsized by $250M from previously announced $500M; $750M total at 9.000% coupon.
Clear Channel Outdoor Q2 revenue $637M down 1%; net loss narrows to $37M
Consolidated revenue $637.2M, down 1.0% YoY; Adjusted EBITDA $146.3M, down 10.9%.
Clear Channel Outdoor extends credit facility maturities to 2026, increases RBC commitments to $175M
RBC facility commitments increased from $125M to $175M; maturity extended to Aug 23, 2026.
Simultaneous with the closing of the Transaction, Justin Cochrane, Chief Executive Officer of Clear Channel UK & Europe, has ceased to be an employee of the Company.
On January 1, 2025, Mary Teresa Rainey notified the Board of Directors (the “Board”) of Clear Channel Outdoor Holdings, Inc., a Delaware corporation (the “Company”), of her retirement as a member of the Board and any committees thereof, effective January 1, 2025.
On September 30, 2024, the Board of Directors (the “Board”) of Clear Channel Outdoor Holdings, Inc. (the “Company”) appointed Timothy P. Jones to the Board to serve as a director of the Company.
Pursuant to the Cooperation Agreement, effective on January 31, 2024, Mr. White was appointed to the Board and the Audit Committee of the Board.
On December 18, 2023, the Board of Directors (the “Board”) of Clear Channel Outdoor Holdings, Inc. (the “Company”) appointed David Sailer, currently the Executive Vice President, Chief Financial Officer of the Americas of the Company, as Executive Vice President, Chief Financial Officer of the Company, effective as of March 1, 2024 (the “Transition Date”).
Also on December 18, 2023, the Board and Brian D. Coleman agreed that Mr. Coleman will depart from his position as Executive Vice President, Chief Financial Officer and Assistant Secretary of the Company, effective as of the Transition Date, upon which time he will become a consultant to the Company until April 15, 2025 (unless earlier terminated pursuant to the terms of the Coleman Consulting Agreement (as defined below)) in order to assist with transition matters.
on December 31, 2022, C. William Eccleshare resigned as Executive Vice Chairman and member of the Board of Directors (the “Board”) of Clear Channel Outdoor Holdings, Inc., effective as of the same date.
The Company also announced that Scott Wells, currently the Executive Vice President, Chief Executive Officer of the Americas Division of the Company, age 53, will assume the role of President and Chief Executive Officer of the Company as of January 1, 2022, and will be appointed as a member of the Board.
C. William Eccleshare, President and Chief Executive Officer and member of the Board of Directors of the Company (the “Board”), plans to step down from the position of President and Chief Executive Office effective as of December 31, 2021, and is expected to assume the role of Executive Vice Chairman and remain a member of the Board until December 31, 2022.
The Company also announced that Scott Wells, currently the Executive Vice President, Chief Executive Officer of the Americas Division of the Company, age 53, will assume the role of President and Chief Executive Officer of the Company as of January 1, 2022, and will be appointed as a member of the Board.
Max materiality 1.00 · Median 0.65 · Most common event debt