Clear Channel To Be Acquired By Mubadala Capital and TWG Global In $6.2bn Deal

Clear Channel Outdoor Holdings has agreed to be acquired by Mubadala Capital, in partnership with TWG Global, in a transaction valuing the out-of-home (OOH) advertising company at an enterprise value of US$6.2 billion.

The deal will see the investor consortium acquire 100% of Clear Channel’s outstanding common stock, with shareholders receiving US$2.43 per share in cash. The offer represents a 71% premium to the company’s unaffected share price of US$1.42 on 16 October 2025, the last trading day prior to reports of a potential transaction.

In a statement, Clear Channel said the acquisition marks a “significant milestone” in its transformation, creating a more streamlined ownership structure supported by long-term capital. Approximately US$3 billion of equity capital has been committed, which is expected to enhance financial flexibility, support deleveraging efforts and position the company for future growth.

Clear Channel is the largest media operator across US airports, with a presence in more than 60 airports and an extensive network of private aviation terminals. The company recently renewed a 10-year advertising contract for its Airports Division at Detroit Metropolitan Wayne County Airport.

Media and technology executive Wade Davis, who partnered with Mubadala Capital and TWG Global on the transaction, is expected to join Clear Channel as executive chairman upon completion of the deal.

Clear Channel CEO Scott Wells said the transaction delivers “compelling value” to shareholders while strengthening the company’s balance sheet and ability to invest for long-term growth. He added that the agreement reflects recognition of the transformation the business has undertaken in recent years.

Oscar Fahlgren, chief investment officer at Mubadala Capital, described Clear Channel as a category leader with a strong platform and significant upside, noting that the firm’s investment approach focuses on long-term partnership and active ownership.

TWG co-chairman and CEO Mark Walter said the transaction aligns with the group’s investment thesis, combining Mubadala Capital’s ability to navigate complex transactions with TWG’s operational expertise in large-scale digital transformation.

Davis added that Clear Channel’s nationwide billboard network and airport inventory provide a unique platform to accelerate the evolution of outdoor advertising, with continued investment planned in data, measurement and transaction capabilities.

The transaction is subject to customary closing conditions and regulatory approvals.

Source: The Moodie Davitt Report