Moves Europe-South Segment to Discontinued Operations
SAN ANTONIO, Oct. 31, 2023 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced that it has closed the previously announced sale of its business in France to Equinox Industries.
Additionally, the Company has initiated a process to sell the businesses in its Europe-North segment, which include operations in the United Kingdom, the Nordics and several other countries throughout Northern and Central Europe. The Company has also initiated a strategic review of its Latin American businesses, which include operations in Mexico, Brazil, Chile and Peru. To date, the Company has sold its businesses in Switzerland, Italy and France and has agreed to sell its business in Spain.
“Clear Channel’s Board of Directors and management team are focused on delivering profitable growth, strengthening our balance sheet and further demonstrating the operating leverage of our model,” said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Following the sale of our business in France, we have divested, or have agreed to divest, all of our Europe-South segment operations. We continue to take meaningful action to optimize our portfolio and improve our capital structure, including initiating a process to sell our Europe-North segment and conducting a strategic review of our Latin American businesses. We are committed to acting in the best interests of our shareholders and to driving value creation.”
There can be no assurance that the initiation of the process to sell our Europe-North segment and the strategic review of our Latin American businesses will result in any transactions or particular outcomes. The Company has not set a timetable for completion of these processes, may suspend these processes at any time and does not intend to make further announcements