Clear Channel Outdoor Holdings, Inc. announced today that it has entered into a definitive agreement to sell its business in Spain to Atresmedia Corporación de Medios de Comunicación, S.A. The expected purchase price for the transaction is EUR 115 million, which is approximately US$135 million, subject to customary adjustments. This agreement marks a significant step in the company's ongoing portfolio optimization.
This divestiture follows the termination of a previous agreement to sell the Spain business due to regulatory hurdles. The successful re-engagement and agreement for this sale indicate the company's continued commitment to streamlining its operations and focusing on its core U.S. America and Airports segments. The proceeds from this sale are expected to further improve the company's liquidity position and contribute to its debt reduction goals.
Upon completion of this transaction, Clear Channel Outdoor will have divested all of its European businesses, completing a major part of its strategic transformation. This move is anticipated to reduce operational complexity and risk, allowing for greater concentration on its higher-margin U.S. assets.
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