Clear Channel Outdoor Holdings, Inc. announced today that the agreement to sell its business in Spain to a subsidiary of JCDecaux SE has been terminated. JCDecaux decided to withdraw its regulatory filing with the Spanish National Markets and Competition Commission (CNMC) due to the commitments required by the CNMC. Clear Channel Outdoor will continue to operate its business in Spain.
Scott Wells, CEO of Clear Channel Outdoor, stated that the company respects the regulatory process and had fully complied with CNMC requests to enable approval. Despite the termination, the business in Spain has performed well over the seventeen-month period since the agreement was announced. The company remains focused on executing its strategic plan, including other international sales processes.
The company's ultimate goals continue to be organically growing cash flow and reducing leverage on its balance sheet. This development means the Spain business, which was classified as discontinued operations in 2023, will remain part of CCO's portfolio for the foreseeable future.
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