Clear Channel Outdoor Holdings, Inc. has announced the termination of an agreement to sell its business in Spain to a subsidiary of JCDecaux SE. The decision came after the subsidiary decided to withdraw its regulatory filing with the Spanish National Markets and Competition Commission. Despite the regulatory review and the distraction of the sales process, Clear Channel's business in Spain performed well over the seventeen-month period since the agreement was announced.
The company will now continue to operate its assets in Spain and remains committed to executing its strategic priorities in its America and airports segments. The CEO, Scott Wells, expressed gratitude to the European teams and colleagues in Spain for their dedication and focus during this process.
Clear Channel Outdoor Holdings, Inc. is focused on driving innovation in the out-of-home advertising industry. The company's dynamic advertising platform includes digital billboards and displays, data analytics, and programmatic capabilities to deliver measurable campaigns.
In terms of financial performance, the company remains committed to its ultimate goals of organically growing cash flow and reducing leverage on its balance sheet. For further information, the company can be contacted through the provided press and investor relations contacts. Following these announcements, the company's shares moved -3.1%, and are now trading at a price of $1.57. For the full picture, make sure to review Clear Channel Outdoor's 8-K report.
