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'attività 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 continuerà a gestire la propria attività spagnola e manterrà l'attenzione sui segmenti Americhe e Aeroporti.
L'azienda ha osservato che, nonostante i 17 mesi di processo di vendita, la loro attività 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 anunció que JCDecaux SE ha terminado el acuerdo para adquirir el negocio de Clear Channel en España. La terminación se produce después de que JCDecaux retirara su solicitud regulatoria ante la Comisión Nacional de los Mercados y la Competencia de España (CNMC) debido a los compromisos requeridos. Clear Channel continuará operando su negocio en España y mantendrá el enfoque en sus segmentos de América y Aeropuertos.
La empresa destacó que, a pesar de los 17 meses de proceso de venta, su negocio en España tuvo un buen desempeño. Clear Channel sigue comprometida con su plan estratégico, incluidos los procesos de venta en Europa-Norte y América Latina, con objetivos de crecimiento orgánico del flujo de caja y reducción de apalancamiento.
Clear Channel Outdoor Holdings는 JCDecaux SE가 Clear Channel의 스페인 사업 인수 계약을 종료했다고 발표했습니다. 계약 종료는 JCDecaux가 필수 약속으로 인해 스페인 국가 시장 및 경쟁 위원회(CNMC)에 제출한 규제 서류를 철회한 후 발생했습니다. Clear Channel은 스페인 사업을 계속 운영할 것입니다 그리고 아메리카 및 공항 부문에 집중할 것입니다.
회사는 17개월 간의 판매 프로세스에도 불구하고 스페인 사업이 좋은 성과를 보였다고 언급했습니다. Clear Channel은 유럽-북미 및 라틴 아메리카 판매 프로세스를 포함한 전략 계획에 대한 의지를 유지하고 있으며, 유기적 현금 흐름 성장과 레버리지 감소를 목표로 하고 있습니다.
Clear Channel Outdoor Holdings a annoncé que JCDecaux SE a résilié l'accord d'acquisition de l'activité de Clear Channel en Espagne. Cette résiliation intervient après que JCDecaux a retiré son dépôt réglementaire auprès de la Commission nationale des marchés et de la concurrence espagnole (CNMC) en raison des engagements requis. Clear Channel continuera d'exploiter son activité en Espagne et de se concentrer sur ses segments Amériques et Aéroports.
L'entreprise a noté que malgré le processus de vente de 17 mois, son activité espagnole a bien fonctionné. Clear Channel reste engagée dans son plan stratégique, y compris les processus de vente en Europe-Nord et en Amérique latine, avec des objectifs de croissance organique du flux de trésorerie et de réduction de l'endettement.
Clear Channel Outdoor Holdings gab bekannt, dass JCDecaux SE die Vereinbarung zur Übernahme des Geschäfts von Clear Channel in Spanien beendet hat. Die Kündigung erfolgt, nachdem JCDecaux seinen regulatorischen Antrag bei der spanischen nationalen Wettbewerbs- und Marktkommission (CNMC) aufgrund erforderlicher Verpflichtungen zurückgezogen hat. Clear Channel wird weiterhin sein Geschäft in Spanien betreiben und den Fokus auf seine Segmente Amerika und Flughäfen legen.
Das Unternehmen bemerkte, dass trotz des 17-monatigen Verkaufsprozesses ihr spanisches Geschäft gut abgeschnitten hat. Clear Channel bleibt seinem strategischen Plan verpflichtet, einschließlich der Verkaufsprozesse in Europa-Nord und Lateinamerika, mit Zielen für 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: 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.
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