Clear Channel Outdoor announces termination of agreement to sell its business in Spain to JCDecaux subsidiary following regulatory review

Clear Channel Outdoor announced that a subsidiary of JCDecaux SE, has terminated the agreement to acquire the company's business in Spain after deciding to withdraw its regulatory filing with the Spanish National Markets and Competition Commission (CNMC) in light of the commitments required by the CNMC. The company will continue operating its business in Spain and remains focused on executing its strategic priorities in its America and Airports segments.

On 30 May 2023, JCDecaux announced it had signed an agreement with Clear Channel Outdoor, to acquire its business in Spain through the acquisition of the entire share capital of Clear Channel Spain, subject to approval by the CNMC. Following more than 14 months of examination, JCDecaux regrets having to decide not to proceed with this operation, which was supposed to complement its presence in Spain, but whose economic and strategic interest, as well as its implementation, are called into question by the indications provided by the Spanish Authority on the nature, schedule and implementation of the commitments required for its approval.

Scott Wells, CEO, Clear Channel Outdoor: "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. Over the course of the seventeen-month period since the agreement was announced, our business in Spain has performed well despite the distractions inherent in a sales process. With this development, we will continue to operate our assets in Spain and serve our customers. We will not change our focus on delivering our strategic plan, including the Europe-North and Latin American sales processes, and we remain committed to our ultimate goals of organically growing cash flow and reducing leverage on our balance sheet. 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 Spain for their focus and dedication as they drove strong business results against the backdrop of this regulatory review."

Clear Channel Outdoor is at the forefront of driving innovation in the out-of-home advertising industry. The comany's dynamic advertising platform is broadening the pool of advertisers using its 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 its diverse portfolio of assets, Clear Channel connects advertisers with millions of consumers every month.

www.clearchanneloutdoor.com
www.jcdecaux.com

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