Clear Channel Outdoor - one of the most recognisable names in out-of-home (OOH) advertising in the United States - has entered into a definitive agreement to be acquired by Mubadala Capital in partnership with TWG Global. The all‑cash transaction values the company at USD 6.2 billion, marking one of the most significant OoH sector deals in years.
M&A: Mubadala to buy Clear Channel for USD 6.2bn
Clear Channel Outdoor has spent recent years systematically divesting its international operations to streamline the company into a purely US‑based OoH provider. The company sold its European and Latin American businesses, with Bauer Media acquiring the UK and Scandinavian units, while JCDecaux took over numerous long-standing city marketing concessions in regions where competition law permitted such transactions. This restructuring was part of a broader effort to make Clear Channel more attractive to investors – a strategy that appears to have succeeded with the Mubadala acquisition.
The rationale is simple: US OoH companies position themselves more like real estate operators than media businesses. This enables REIT-style valuation logic, long-term cashflow modelling, and favourable tax structures. While REITs must distribute over 90% of their profits, private equity offers similar financial advantages without the constraints of public REIT regulation – making companies like Clear Channel highly appealing investment targets.
Deal Structure: Deleveraging and Transformation
Under the terms of the agreement, Mubadala Capital (the UAE Sovereign Wealth Fund) and TWG Global will take Clear Channel private at an enterprise value of USD 6.2 billion, supported by USD 3 billion in new equity capital intended to reduce debt and strengthen financial flexibility. The structure includes approximately USD 5 billion of existing debt and USD 1.2 billion in equity, enabling significant deleveraging and repositioning for future growth.
Clear Channel shareholders will receive USD 2.43 per share, representing a 71% premium to the company’s unaffected share price of USD 1.42 in October 2025.
The acquisition has been unanimously approved by the Board, and nearly half of all shareholders have already entered into voting agreements supporting the transaction. The deal is expected to close in the third quarter of 2026, subject to customary regulatory approvals and the outcome of a structured “go‑shop” period allowing the company to solicit alternative offers until March 26, 2026.
Ströer has also been in the M&A Spotlight
A key strategic appointment accompanies the transaction: media and technology veteran Wade Davis – who partnered with Mubadala and TWG on the acquisition – is expected to join Clear Channel as Executive Chairman. Davis previously held senior leadership roles at Viacom and Televisa Univision, bringing operational and M&A experience.
Clear Channel is not the only major OoH provider attracting heightened financial investor interest. In Germany, Ströer’s OoH business has also been in the spotlight, with two takeover talks involving global financial investors collapsing due to differing valuation expectations. The renewed interest is driven by two factors:
- Long-term concession contracts, which deliver predictable, infrastructure-like cashflows
- Strong growth in digital out-of-home, boosting revenue potential and increasing valuation multiples across the industry
These fundamentals continue to make large OoH providers highly attractive targets for private equity and sovereign wealth funds alike.
Conclusion
Clear Channel’s agreement to be taken private by Mubadala Capital and TWG Global signals a new era for the US OoH giant. The move caps years of strategic restructuring and positions the company for a more financially flexible and growth-focused future.
