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Clear Channel Outdoor Holdings, Inc. Completes Sale of Italy Business to a Subsidiary of JCDecaux SE
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PR Newswire
SAN ANTONIO, May 31, 2023
Company Continues Review of Strategic Alternatives for its Other European Businesses
SAN ANTONIO, May 31, 2023 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced it has closed on the sale of its business in Italy to a subsidiary of JCDecaux SE for gross proceeds of approximately EUR 15.1 million, or US$ 16.2 million1.
The Company received cash proceeds, net of customary estimated closing adjustments, totaling EUR 9.3 million2, or US$ 9.9 million1,2 today. The Company intends to use the anticipated net proceeds from the sale, after payment of transaction related fees and expenses, to improve its liquidity position, subject to any limitations set forth in its debt agreements.
The Board continues its review of strategic alternatives for our other European businesses. There can be no assurance that the strategic reviews will result in any additional transactions or particular outcomes. The Company has not set a timetable for completion of these processes and may suspend these processes at any time.
About Clear Channel Outdoor Holdings
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Our dynamic advertising platform is broadening the pool of advertisers using our medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of our diverse portfolio of assets, we connect advertisers with millions of consumers every month across more than 500,000 print and digital displays in 21 countries.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "estimate," "forecast," "goals," "potential," "targets" and similar words and expressions are intended to identify such forward-looking statements. Any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about the use of proceeds of the sale of our Italy and Spain businesses; the continuing review of strategic alternatives for our other European businesses; our expectations of optimizing our portfolio; our expectations with respect to our Americas business; our business plans and strategies; and our liquidity are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict.
Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: the impact of the continued strategic review of our other European businesses and assets; our inability to complete any other transactions with respect to our other European businesses and improve our portfolio; continued economic uncertainty, an economic slowdown or a recession; our ability to service our debt obligations and to fund our operations, business strategy and capital expenditures; the impact of our substantial indebtedness, including the effect of our leverage on our financial position and earnings; the difficulty, cost and time required to implement our strategy, and the fact that we may not realize the anticipated benefits therefrom; the impact of future dispositions, acquisitions and other strategic transactions; risks of doing business in foreign countries; fluctuations in exchange rates and currency values; volatility of our stock price; the impacts on our stock price as a result of future sales of common stock, or the perception thereof, and dilution resulting from additional capital raised through the sale of common stock or other equity-linked instruments; our ability to continue to comply with the applicable listing standards of the New York Stock Exchange; the restrictions contained in the agreements governing our indebtedness limiting our flexibility in operating our business; and certain other factors set forth in our other filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Other key risks are described in the section entitled "Item 1A. Risk Factors" of the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
1 Figures based on prevailing exchange rates on May 30, 2023.
2 Net cash proceeds included payment by the buyer of EUR 2.4 million, or US$ 2.6 million1, for estimated cash on CCO Italy's balance sheet.
View original content to download multimedia:https://www.prnewswire.com/news-releases/clear-channel-outdoor-holdings-inc-completes-sale-of-italy-business-to-a-subsidiary-of-jcdecaux-se-301838491.html
SOURCE Clear Channel Outdoor Holdings, Inc.
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