Sale of Clear Channel Outdoor Holdings, Inc.'s Switzerland Business Receives Regulatory Approval

Rhea-AI Summary

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) announced on March 9, 2023, that its sale of the Swiss business to Goldbach Group has received regulatory approval from the Swiss Competition Commission. The transaction is expected to close late in Q1 or early Q2 of 2023, pending a customary tax ruling and completion of a reorganization. This strategic move aims to enhance their portfolio and optimize operations in the advertising sector, which includes over 500,000 displays across 24 countries, connecting advertisers with millions of consumers monthly. However, the company acknowledges various risks associated with future performance, including economic conditions and operational challenges.

Positive

• Regulatory approval obtained for the sale of the Swiss business.
• Transaction expected to close soon, potentially improving operational efficiency.

Negative

• Future performance may be affected by economic uncertainties and risks.
• Potential delays in transaction completion due to tax rulings and reorganization.

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.

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 satisfaction of closing conditions for the sale of our Swiss business; the use of, and potential hedging of, the proceeds therefrom; the continuing review of strategic alternatives for our European businesses; our expectations of optimizing our portfolio; our expectations with respect to our Americas business; our business plans and strategies; and our liquidity 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: the failure to satisfy the conditions to close the sale of our Swiss business; our inability to hedge the potential net proceeds from the sale of our Swiss business; the impact of the continued strategic review of our European businesses and assets; our inability to complete any other transactions with respect to our European businesses and improve our portfolio; 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, 2021. 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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SOURCE Clear Channel Outdoor Holdings, Inc.

FAQ

What is the recent news about Clear Channel Outdoor Holdings (CCO)?

Clear Channel Outdoor Holdings announced the regulatory approval for the sale of its Swiss business to Goldbach Group on March 9, 2023.

When will the sale of Clear Channel Outdoor Holdings' Swiss business close?

The transaction is expected to close late in Q1 or early in Q2 of 2023.

What are the risks mentioned in the Clear Channel Outdoor Holdings press release?

The risks include economic uncertainties, potential delays in transaction completion, and operational challenges.