Clear Channel Outdoor Holdings, Inc. announced today that it has received all necessary regulatory clearances and approvals for the sale of its Europe-North segment. The sale is to Bauer Radio Limited, a subsidiary of Bauer Media Group. This marks a critical step towards the completion of the transaction.
The consummation of the sale remains subject to the delivery of certain customary closing items by the parties as set forth in the related share purchase agreement. The parties now expect to close the transaction on March 31, 2025. This development confirms the $625 million divestiture is on track to proceed as planned.
This divestiture is a key component of Clear Channel Outdoor's strategy to optimize its portfolio and focus on its higher-margin U.S. America and Airports segments. The proceeds from this sale are intended to be used for debt reduction, which is a priority for the company.
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