Clear Channel Outdoor Sale Approved on Swiss Business
$92.7 Million and Estimated 9.5 Multiple
CCO, which refers to itself as “at the forefront of driving innovation in the out-of-home advertising industry,” announced the sale of its Swiss business (full story here—Clear Channel Outdoor to Sell its Swiss) in late December 2022 for a reported $92.7 million and an estimated 9.5 multiple.
Sale of Clear Channel Outdoor Holdings, Inc.’s Switzerland Business Receives Regulatory Approval
SAN ANTONIO, March 9, 2023 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced that the sale of the Company’s Switzerland business to Goldbach Group, an affiliate of TX Group, has received regulatory approval from the Swiss Competition Commission. The Company now expects the transaction to close late in the first quarter or early in the second quarter of 2023, subject to the receipt of a customary tax ruling and completion of a transaction-related reorganization
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 across more than 500,000 print and digital displays in 24 countries.