Clear Channel Outdoor (CCO) said Monday it has closed the Europe-North segment sale of its businesses to Bauer Radio, a subsidiary of Bauer Media Group, for $625 million.
The firm said the proceeds will be used to help repay its debt.
"We remain optimistic about divesting our businesses in Spain and Brazil based on their strong performances in 2024," said Chief Executive Officer Scott Wells.
"Our priorities remain to reduce leverage, improve our balance sheet and enhance shareholder value."
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.