Mubadala Capital and TWG to acquire Clear Channel for $6.2B

Clear Channel Outdoor Holdings, a player in the U.S. out-of-home advertising, has agreed to be acquired by Mubadala Capital in partnership with TWG Global. The all-cash deal values Clear Channel at an enterprise value of 6.2 billion dollars.

The transaction aims to create a streamlined ownership structure and provide long-term capital support. Mubadala Capital has committed approximately 3 billion dollars in equity, expected to enhance Clear Channel's financial flexibility, support deleveraging efforts, and enable the company to pursue new growth opportunities. Wade Davis, a media and technology veteran, is expected to join Clear Channel as Executive Chairman.

Transaction terms

The investor group will acquire 100 percent of Clear Channel's outstanding common stock. Shareholders will receive 2.43 dollars per share, representing a 71 percent premium over the company's unaffected share price of 1.42 dollars on October 16, 2025, prior to media reports about the potential deal.

Scott Wells, Chief Executive Officer, Clear Channel: "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 recognize the significant transformation our business has successfully undergone in recent years, and we look forward to partnering with them."

Oscar Fahlgren, Chief Investment Officer, Mubadala Capital: "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."

Mark Walter, Co-Chairman and CEO, TWG: "This landmark transaction represents the ideal expression of our partnership with Mubadala Capital and TWG's investment thesis in motion. 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."

Wade Davis, incoming Executive Chairman, Clear Channel: "Clear Channel's nationwide billboard network and airport inventory give us a unique platform to drive the transformation of the outdoor advertising industry. 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."

www.clearchanneloutdoor.com

www.mubadalacapital.ae

www.twgglobal.com

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