USA. Leading out-of-home (OOH) advertising group Clear Channel Outdoor Holdings has struck an agreement to be acquired by investment company Mubadala Capital, in partnership with TWG Global for an enterprise value of US$6.2 billion.
A statement said, “The transaction represents a significant milestone in Clear Channel’s transformation, creating a streamlined and nimble ownership structure, supported by long-term capital from Mubadala Capital.
“With approximately US$3 billion of equity capital committed, this investment is expected to enhance the company’s financial flexibility, support ongoing deleveraging efforts, and reposition it to pursue new avenues of growth.”
Clear Channel is the largest media company operating at US airports, with a presence at over 60 airports plus a strong network of private aviation terminals.
Wade Davis, a media and technology veteran who partnered with Mubadala Capital and TWG on the transaction, is expected to join Clear Channel as Executive Chairman.
Under the terms of the agreement, the investor group will acquire 100% of Clear Channel’s outstanding common stock, with Clear Channel’s common shareholders receiving US$2.43 per share in cash. The per share purchase price represents a +71% premium to the company’s unaffected share price of US$1.42 on 16 October 2025, the last trading day before media reports regarding a potential transaction involving the company.
Clear Channel CEO Scott Wells said, “We believe this transaction delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business, and positions Clear Channel for its next phase of long-term growth.
“We appreciate that Mubadala Capital and TWG recognise the significant transformation our business has successfully undergone in recent years, and we look forward to partnering with them.”
“This transaction reflects Mubadala Capital’s approach to investing: identifying high-quality businesses where complexity creates opportunity and long-term partnership drives value.
“Clear Channel is a category leader with a strong platform and significant potential ahead. We look forward to supporting the company and its management through active ownership, disciplined execution, and long-term capital,” said Oscar Fahlgren, Chief Investment Officer at Mubadala Capital.
“This landmark transaction represents the ideal expression of our partnership with Mubadala Capital and TWG’s investment thesis in motion,” said TWG Co-Chairman and CEO Mark Walter.
“Mubadala Capital’s ability to approach complex transactional situations with creativity and commit resources to support high-conviction opportunities, combined with TWG’s operational expertise and track record of driving large-scale digital transformation across a range of industries, will set up Clear Channel and its management team to lead the sector at this exciting inflection point and build the next generation of digital advertising infrastructure.”
“Clear Channel’s nationwide billboard network and airport inventory give us a unique platform to drive the transformation of the outdoor advertising industry,” said Davis. “In partnership with Mubadala Capital and TWG, I look forward to working with management to continue investing in data, measurement and transaction platforms, and unlocking the true potential of this powerful medium to drive meaningful outcomes for agencies and advertisers.” ✈
