Clear Channel Outdoor Holdings, Inc. Completes Sale of its Switzerland Business to Goldbach Group, an Affiliate of TX Group

Rhea-AI Summary

Clear Channel Outdoor Holdings (NYSE: CCO) has finalized the sale of its Swiss operations to Goldbach Group AG for gross proceeds of CHF 86 million (approximately US$ 94.2 million). After customary adjustments, the company received net cash proceeds of CHF 84.1 million (around US$ 92.1 million). These funds aim to enhance liquidity and financial flexibility in Europe, in line with the company's debt agreements.

This strategic move underscores CCO's commitment to optimize its portfolio and improve financial standing, further supporting its advertising initiatives across 22 countries.

Positive

• Sale of Swiss business for CHF 86 million improves liquidity.
• Net cash proceeds of CHF 84.1 million enhance financial flexibility.

Negative

• None.

SAN ANTONIO, March 31, 2023 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that it has completed the sale of its business in Switzerland to Goldbach Group AG, an affiliate of TX Group AG, for gross proceeds of CHF 86.0 million, or US$ 94.2 million¹.

The Company received cash proceeds today, net of customary closing adjustments, totaling CHF 84.1 million, or US$ 92.1 million¹, and anticipates the net cash proceeds, after payment of transaction related fees and expenses, will be utilized to improve liquidity and increase financial flexibility in Europe as permitted under the Company's debt agreements.

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 22 countries.

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," "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 the use of, and potential hedging of, the proceeds from the sale of our Swiss business, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict.

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: weak or uncertain global economic conditions and their impact on our strategic review processes and/or the level of expenditures on advertising; heightened levels of economic inflation and rising interest rates; fluctuations in operating costs; supply chain shortages; our ability to achieve expected financial results and growth targets; geopolitical events, such as the war in Ukraine and the associated global effects thereof; the continued impact of the COVID-19 pandemic on our operations and on general economic conditions; our ability to service our debt obligations and to fund our operations and capital expenditures; the impact of our substantial indebtedness; industry conditions; changes in labor conditions and management; a breach of our information security systems and measures; legislative or regulatory requirements; our ability to execute restructuring plans; the impact of future dispositions, acquisitions and other strategic transactions; third-party claims of intellectual property infringement, misappropriation or other violation against us or our suppliers; risks of doing business in foreign countries; fluctuations in exchange rates and currency values; the volatility of our stock price; our ability to continue to comply with the applicable listing standards of the New York Stock Exchange; the restrictions contained in the agreements governing our indebtedness limiting our flexibility in operating our business; and certain other factors set forth in our other filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Other key risks are described in the section entitled "Item 1A. Risk Factors" of the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

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¹ This figure is based on prevailing exchange rates on March 30, 2023.

 

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SOURCE Clear Channel Outdoor Holdings, Inc.

FAQ

What was the gross proceeds amount from the sale of Clear Channel Outdoor's Swiss business?

The gross proceeds from the sale were CHF 86 million, approximately US$ 94.2 million.

When was the sale of Clear Channel Outdoor's business in Switzerland completed?

The sale was completed on March 31, 2023.

How much cash did Clear Channel Outdoor receive after the sale of its Swiss business?

Clear Channel Outdoor received net cash proceeds of CHF 84.1 million, or about US$ 92.1 million.

What will Clear Channel Outdoor do with the proceeds from the sale?

The proceeds will be used to improve liquidity and increase financial flexibility in Europe.

What is the stock symbol for Clear Channel Outdoor?

The stock symbol for Clear Channel Outdoor is CCO.