Clear Channel Outdoor Holdings, Inc. announced the completion of the sale of its businesses in Mexico, Peru, and Chile to Global Media US LLC. This transaction was a simultaneous sign-and-close deal, with the company receiving $20 million in cash at closing, based on a $34 million Enterprise Value. An additional $1.25 million earn-out is also possible, subject to customary adjustments.
Scott Wells, CEO of Clear Channel Outdoor, stated that this sale further demonstrates progress in optimizing the company's portfolio and focusing on its higher-margin America and Airports segments. The net proceeds from the sale are intended to improve the company's liquidity position. This divestiture is part of a broader strategy to strengthen the balance sheet.
The sales process for the remaining Latin American business in Brazil is ongoing. The businesses in Mexico, Peru, and Chile were classified as discontinued operations during the fourth quarter of 2024, aligning with the company's strategic shift.
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