Clear Channel Outdoor Holdings, Inc. Completes Sale of its Switzerland Business to Goldbach Group, an Affiliate of TX Group
SAN ANTONIO, March 31, 2023 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced that it has completed the sale of its business in Switzerland to Goldbach Group AG, an affiliate of TX Group AG, for gross proceeds of CHF 86.0 million, or US$ 94.2 million1.
The Company received cash proceeds today, net of customary closing adjustments, totaling CHF 84.1 million, or US$ 92.1 million1, and anticipates the net cash proceeds, after payment of transaction related fees and expenses, will be utilized to improve liquidity and increase financial flexibility in Europe as permitted under the Company’s debt agreements.
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 22 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, and potential hedging of, the proceeds from the sale of our Swiss business, 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: weak or uncertain global economic conditions and their impact on our strategic review processes and/or the level of expenditures on advertising; heightened levels of economic inflation and rising interest rates; fluctuations in operating costs; supply chain shortages; our ability to achieve expected financial results and growth targets; geopolitical events, such as the war in Ukraine
1 This figure is based on prevailing exchange rates on March 30, 2023.
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SOURCE Clear Channel Outdoor Holdings, Inc.
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