Clear Channel Outdoor Holdings, Inc. Announces Termination of Agreement to Sell its Business in Spain to a Subsidiary of JCDecaux Following Regulatory Review
Clear Channel Outdoor Holdings announced that JCDecaux SE has terminated the agreement to acquire Clear Channel's business in Spain. The termination comes after JCDecaux withdrew its regulatory filing with the Spanish National Markets and Competition Commission (CNMC) due to required commitments. Clear Channel will continue operating its Spanish business and maintain focus on its America and Airports segments.
The company noted that despite the 17-month sales process, their Spanish business performed well. Clear Channel remains committed to their strategic plan, including the Europe-North and Latin American sales processes, with goals of organic cash flow growth and leverage reduction.
Clear Channel Outdoor Holdings ha annunciato che JCDecaux SE ha terminato l'accordo per acquisire l'attivit脿 di Clear Channel in Spagna. La risoluzione arriva dopo che JCDecaux ha ritirato la sua richiesta normativa presso la Commissione Nazionale dei Mercati e della Concorrenza spagnola (CNMC) a causa degli impegni richiesti. Clear Channel continuer脿 a gestire la propria attivit脿 spagnola e manterr脿 l'attenzione sui segmenti Americhe e Aeroporti.
L'azienda ha osservato che, nonostante i 17 mesi di processo di vendita, la loro attivit脿 spagnola ha registrato buone performance. Clear Channel rimane impegnata nel proprio piano strategico, inclusi i processi di vendita in Europa-Nord e America Latina, con obiettivi di crescita organica del cash flow e riduzione della leva finanziaria.
Clear Channel Outdoor Holdings anunci贸 que JCDecaux SE ha terminado el acuerdo para adquirir el negocio de Clear Channel en Espa帽a. La terminaci贸n se produce despu茅s de que JCDecaux retirara su solicitud regulatoria ante la Comisi贸n Nacional de los Mercados y la Competencia de Espa帽a (CNMC) debido a los compromisos requeridos. Clear Channel continuar谩 operando su negocio en Espa帽a y mantendr谩 el enfoque en sus segmentos de Am茅rica y Aeropuertos.
La empresa destac贸 que, a pesar de los 17 meses de proceso de venta, su negocio en Espa帽a tuvo un buen desempe帽o. Clear Channel sigue comprometida con su plan estrat茅gico, incluidos los procesos de venta en Europa-Norte y Am茅rica Latina, con objetivos de crecimiento org谩nico del flujo de caja y reducci贸n de apalancamiento.
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Clear Channel Outdoor Holdings a annonc茅 que JCDecaux SE a r茅sili茅 l'accord d'acquisition de l'activit茅 de Clear Channel en Espagne. Cette r茅siliation intervient apr猫s que JCDecaux a retir茅 son d茅p么t r茅glementaire aupr猫s de la Commission nationale des march茅s et de la concurrence espagnole (CNMC) en raison des engagements requis. Clear Channel continuera d'exploiter son activit茅 en Espagne et de se concentrer sur ses segments Am茅riques et A茅roports.
L'entreprise a not茅 que malgr茅 le processus de vente de 17 mois, son activit茅 espagnole a bien fonctionn茅. Clear Channel reste engag茅e dans son plan strat茅gique, y compris les processus de vente en Europe-Nord et en Am茅rique latine, avec des objectifs de croissance organique du flux de tr茅sorerie et de r茅duction de l'endettement.
Clear Channel Outdoor Holdings gab bekannt, dass JCDecaux SE die Vereinbarung zur 脺bernahme des Gesch盲fts von Clear Channel in Spanien beendet hat. Die K眉ndigung erfolgt, nachdem JCDecaux seinen regulatorischen Antrag bei der spanischen nationalen Wettbewerbs- und Marktkommission (CNMC) aufgrund erforderlicher Verpflichtungen zur眉ckgezogen hat. Clear Channel wird weiterhin sein Gesch盲ft in Spanien betreiben und den Fokus auf seine Segmente Amerika und Flugh盲fen legen.
Das Unternehmen bemerkte, dass trotz des 17-monatigen Verkaufsprozesses ihr spanisches Gesch盲ft gut abgeschnitten hat. Clear Channel bleibt seinem strategischen Plan verpflichtet, einschlie脽lich der Verkaufsprozesse in Europa-Nord und Lateinamerika, mit Zielen f眉r organisches Cashflow-Wachstum und Verschuldungsabbau.
- Spanish business unit performed well during the 17-month period
- Company maintains strategic focus on organic cash flow growth
- Failed sale of Spanish business unit to JCDecaux
- Regulatory requirements prevented completion of planned divestiture
Insights
The termination of Clear Channel's
- The company will need to continue managing Spanish operations, impacting their goal of streamlining operations and reducing European exposure
- The failed deal affects Clear Channel's debt reduction strategy, as proceeds were intended to strengthen the balance sheet
- Focus now shifts to their ongoing Europe-North and Latin American sales processes, which become even more critical for achieving leverage reduction targets
While the Spanish business continues to perform well operationally, this outcome delays Clear Channel's broader strategic transformation and could impact investor confidence in their ability to execute similar transactions in other regions.
"We at Clear Channel respect the regulatory process and have fully complied with requests from the CNMC, acting in good faith to enable JCDecaux to receive approval and complete the transaction," said Scott Wells, Chief Executive Officer of Clear Channel Outdoor. "Over the course of the seventeen-month period since the agreement was announced, our business in
Wells continued, "I would like to express my gratitude to all our European teams for their hard work through this process, and especially to our colleagues in
About Clear Channel Outdoor Holdings
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Our dynamic advertising platform is broadening the pool of advertisers using our medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of our diverse portfolio of assets, we connect advertisers with millions of consumers every month.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "would," "estimate," "forecast," "goals," "potential," "targets" and similar words and expressions are intended to identify such forward-looking statements. Any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about our strategies with respect to our business plans and strategies; our cash flows, liquidity and balance sheet; the sales processes of our European-North and Latin American businesses; expectations with respect to our business in
Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to:聽continued economic uncertainty, an economic slowdown or a recession; our ability to service our debt obligations and to fund our operations, business strategy and capital expenditures; the impact of our substantial indebtedness, including the effect of our leverage on our financial position and earnings; the difficulty, cost and time required to implement our strategy, including optimizing our portfolio, and the fact that we may not realize the anticipated benefits therefrom; our ability to obtain and renew key contracts with municipalities, transit authorities and private landlords; competition; the impact of the processes to sell our businesses comprising our Europe-North segment and our businesses in
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SOURCE Clear Channel Outdoor Holdings, Inc.
FAQ
Why did the Clear Channel Outdoor (CCO) sale of Spanish business to JCDecaux fail?
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