SAN
ANTONIO, Oct. 28, 2024 /PRNewswire/ -- Clear
Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today
announced that a subsidiary of JCDecaux SE has terminated the
previously announced agreement to acquire the Company's business in
Spain after deciding to withdraw
its regulatory filing with the Spanish National Markets and
Competition Commission (the "CNMC") in light of the commitments
required by the CNMC. The Company will continue operating its
business in Spain and remains
focused on executing its strategic priorities in its America and
Airports segments.
"We at Clear Channel respect the regulatory process and have
fully complied with requests from the CNMC, acting in good faith to
enable JCDecaux to receive approval and complete the transaction,"
said Scott Wells, Chief Executive
Officer of Clear Channel Outdoor. "Over the course of the
seventeen-month period since the agreement was announced, our
business in Spain has performed
well despite the distractions inherent in a sales process. With
this development, we will continue to operate our assets in
Spain and serve our customers. We
will not change our focus on delivering our strategic plan,
including the Europe-North and Latin American sales processes, and
we remain committed to our ultimate goals of organically growing
cash flow and reducing leverage on our balance sheet."
Wells continued, "I would like to express my gratitude to all
our European teams for their hard work through this process, and
especially to our colleagues in Spain for their focus and dedication as they
drove strong business results against the backdrop of this
regulatory review."
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.
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," "would," "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 our
strategies with respect to our business plans and strategies; our
cash flows, liquidity and balance sheet; the sales processes of our
European-North and Latin American businesses; expectations with
respect to our business in Spain;
and our expectations with respect to our America and Airports
segments 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: 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, including optimizing our
portfolio, and the fact that we may not realize the anticipated
benefits therefrom; our ability to obtain and renew key contracts
with municipalities, transit authorities and private landlords;
competition; the impact of the processes to sell our businesses
comprising our Europe-North segment and our businesses in
Latin America; the impact of the
recent dispositions of the businesses in our Europe-South segment,
as well as other strategic transactions or acquisitions; risks of
doing business in foreign countries; fluctuations in exchange rates
and currency values; volatility of our stock price; our dependence
on our management team and other key individuals; and certain other
factors set forth in our 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,
2023. The Company does not undertake any obligation to
publicly update or revise any forward-looking statements because of
new information, future events or otherwise.
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SOURCE Clear Channel Outdoor Holdings, Inc.
