Clear Channel Outdoor Holdings, a major U.S. out-of-home advertising company, announced it has signed a definitive agreement to be acquired by Mubadala Capital in partnership with TWG Global in an all-cash transaction valuing the business at an enterprise value of $6.2 billion.
Under the terms of the deal, the buyer group will acquire 100% of Clear Channel’s outstanding common stock, with shareholders set to receive $2.43 per share in cash. Clear Channel said the offer represents a 71% premium to the company’s unaffected share price of $1.42 on October 16, 2025, the last trading day before media reports about a potential transaction involving the company.
Clear Channel framed the agreement as a key step in an ongoing transformation designed to create a streamlined ownership structure supported by long-term capital. The company said the investor group has committed approximately $3 billion of equity capital, which it expects will improve financial flexibility, support deleveraging, and help reposition the company to pursue new growth opportunities.
As part of the transaction, media and technology veteran Wade Davis, who partnered with Mubadala Capital and TWG on the deal, is expected to join Clear Channel as executive chairman. The investor group said it plans to work closely with management on the company’s long-term strategic direction, operational execution, and digital transformation initiatives, including continued investment in data, measurement, and transaction platforms.
The agreement was unanimously approved by Clear Channel’s board of directors. The transaction is expected to close by the end of the third quarter of 2026, subject to customary closing conditions, including regulatory approvals and approval by Clear Channel’s common shareholders.
After the transaction closes, Clear Channel’s common stock is expected to cease trading on public markets, and the company said it intends to remain headquartered in San Antonio, Texas.
Support: On the financing side, equity financing will be provided by Mubadala Capital in partnership with TWG. Apollo-managed funds have committed to invest preferred equity in the transaction, and debt financing has been committed by a group led by JPMorgan Chase Bank and Apollo funds. Clear Channel also said Newlight Partners is serving as a strategic partner to Mubadala Capital on the transaction.
Morgan Stanley and Moelis are serving as financial advisors to Clear Channel, with Kirkland & Ellis as legal advisor. Guggenheim Securities and J.P. Morgan Securities are serving as financial advisors to Mubadala Capital, with Freshfields as legal advisor.
KEY QUOTES
“We believe this transaction delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business, and positions Clear Channel for its next phase of long-term growth,”
Scott Wells, Chief Executive Officer, Clear Channel
“This transaction reflects Mubadala Capital’s approach to investing: identifying high-quality businesses where complexity creates opportunity and long-term partnership drives value. Clear Channel is a category leader with a strong platform and significant potential ahead. We look forward to supporting the company and its management through active ownership, disciplined execution, and long-term capital,”
Oscar Fahlgren, Chief Investment Officer, Mubadala Capital
“This landmark transaction represents the ideal expression of our partnership with Mubadala Capital and TWG’s investment thesis in motion. Mubadala Capital’s ability to approach complex transactional situations with creativity and commit resources to support high-conviction opportunities, combined with TWG’s operational expertise and track record of driving large-scale digital transformation across a range of industries, will set up Clear Channel and its management team to lead the sector at this exciting inflection point and build the next generation of digital advertising infrastructure.”
Mark Walter, Co-Chairman And CEO, TWG Global
“Clear Channel’s nationwide billboard network and airport inventory give us a unique platform to drive the transformation of the outdoor advertising industry. In partnership with Mubadala Capital and TWG, I look forward to working with management to continue investing in data, measurement and transaction platforms, and unlocking the true potential of this powerful medium to drive meaningful outcomes for agencies and advertisers.”
Wade Davis, Executive Chairman-Expected Appointee, Clear Channel
