Clear Channel Outdoor exits Brazil market in $14m sale to Publibanca Brasil

Clear Channel Outdoor Holdings, Inc. has announced that its subsidiaries have entered into a definitive agreement to sell its business in Brazil to Publibanca Brasil S.A., an affiliate of Eletromidia S.A.

The purchase price of approximately R$80 million, or US$14 million, is subject to certain customary adjustments, and the transaction is subject to approval by the Administrative Council for Economic Defense, Brazil's national competition regulator, and other customary closing conditions. The Company intends to use the anticipated net proceeds from the sale to improve its liquidity position.

Scott Wells, Chief Executive Officer, Clear Channel Outdoor Holdings, Inc: "This agreement to sell our business in Brazil is another milestone in our goal to optimize our portfolio and focus on growing our America and Airports segments. I want to thank our team for their dedication and hard work in helping the Company reach this agreement. Upon completion of this transaction, we will have divested all of our Latin American businesses."

The transaction is expected to close in 2025, upon receipt of final regulatory approval from the Administrative Council for Economic Defense and completion of all other customary closing conditions. Until then, the Company and the Buyer shall remain completely independent and operate on a business-as-usual basis.

www.clearchanneloutdoor.com

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