Clear Channel is one of the largest out-of-home (OOH) advertising operators globally
Dubai: Mubadala Capital and US asset manager TWG Global have signed a definitive agreement to acquire US outdoor advertising group Clear Channel Outdoor Holdings in a transaction valuing the company at $6.2 billion, including debt, marking one of the largest media buyouts led by Abu Dhabi capital in recent years.
Under the agreement, the investor consortium will acquire 100% of Clear Channel’s outstanding common stock for $2.43 per share in cash. The shares are currently listed on the New York Stock Exchange and will be delisted once the transaction is completed.
The offer represents a 71% premium to Clear Channel’s unaffected share price of $1.42 on 16 October 2025, the last trading day before media reports emerged about a potential sale. It also represents an 11% premium to the company’s closing price of $2.19 on the most recent trading day prior to the announcement. Clear Channel shares rose 7.8% in after-hours trading following the deal disclosure.
Board approval
The transaction has been unanimously approved by Clear Channel’s board of directors and is expected to close by the end of the third quarter of 2026, subject to customary regulatory approvals and closing conditions.
As part of the agreement, Clear Channel will enter a 45-day “go-shop” period, during which it can actively solicit and evaluate competing acquisition proposals.
Following completion, Clear Channel will no longer trade on any public market, shifting to private ownership backed by long-term institutional capital.
Financing structure
Mubadala Capital, a wholly owned subsidiary of Mubadala Investment Company, and TWG Global have committed close to $3 billion in equity financing for the deal.
In addition, funds managed by Apollo Global Management will invest preferred equity in the transaction. Debt financing has been secured from a lender group led by JPMorgan Chase & Co. alongside Apollo-managed funds.
The financing structure is designed to support Clear Channel’s balance sheet, which includes $5.39 billion in debt, according to data compiled by Bloomberg.
Strategic reset
Clear Channel is one of the largest out-of-home (OOH) advertising operators globally and the biggest media company operating across US airports, with a presence in more than 60 airports and an extensive network of private aviation terminals.
In a statement, the company said the transaction “represents a significant milestone” in its multi-year transformation, creating a “streamlined and nimble ownership structure” supported by long-term capital.
“With approximately $3 billion of equity capital committed, this investment is expected to enhance the company’s financial flexibility, support ongoing deleveraging efforts, and reposition it to pursue new avenues of growth,” the company said.
Clear Channel has faced sustained pressure from activist investor Anson Funds Management, which has argued that a sale of the company would unlock value tied to what it described as scarce, high-quality media assets.
“We congratulate the board on taking this critical step towards value maximisation and look forward to watching the go-shop process unfold,” said Sagar Gupta, portfolio manager and head of active engagement at Anson, in an emailed statement.
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Operational focus
Wade Davis, a media and technology executive who partnered with Mubadala Capital and TWG on the transaction, is expected to join Clear Channel as executive chairman following the close of the deal.
Davis said Clear Channel’s asset base provided a platform for industry-wide change. “Clear Channel’s nationwide billboard network and airport inventory give us a unique platform to drive the transformation of the outdoor advertising industry,” he said.
“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.”
Clear Channel chief executive Scott Wells said the transaction strengthens the company’s financial position and growth prospects. “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,” he said.
Why the deal matters
For Mubadala Capital, the acquisition signals a deeper move into global media infrastructure at a time when traditional and digital advertising channels are converging. While the Abu Dhabi fund has a broad international portfolio, it has historically had limited exposure to US media assets.
“This transaction reflects Mubadala Capital’s approach to investing: identifying high-quality businesses where complexity creates opportunity and long-term partnership drives value,” said Oscar Fahlgren, chief investment officer at Mubadala Capital.
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“Clear Channel is a category leader with a strong platform and significant potential ahead,” he added.
For TWG Global, the deal builds on its strategy of acquiring large-scale platforms capable of digital transformation. “Mubadala Capital’s ability to approach complex transactions with creativity, combined with TWG’s operational expertise, sets up Clear Channel to lead the sector at this inflection point,” said Mark Walter, TWG’s co-chairman and chief executive.
Market backdrop
Clear Channel’s shares have gained about 61% over the past year, giving the San Antonio-based company a market capitalisation of roughly $1.1 billion before the deal announcement.
Bloomberg News reported in October that Mubadala Capital was exploring an acquisition of the company, as pressure mounted for strategic alternatives.
The transaction underscores growing interest from global sovereign-backed investors in infrastructure-like media assets, particularly those with recurring cash flows and long-term urban exposure, at a time when digital measurement and data capabilities are reshaping the advertising landscape.
– With inputs from agencies
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