Jan 9 (Reuters) - Advertising company Clear Channel Outdoor CCO.N said on Thursday it was selling the Europe-North section of its business to a subsidiary of Bauer Media Group for $625 million in cash as part of its strategy to focus more on the U.S. region.
Clear Channel will use net proceeds from the sale to prepay in full the outstanding term loans of its CCIBV subsidiary with a principal amount of $375 million, plus any accrued interest, it said in a statement.
"Agreement to sell our Europe-North segment is another significant step in the execution of our strategic plan to optimize our portfolio and focus on growing our America and Airports segments to organically improve cash flow and reduce leverage on our balance sheet," said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings.
Texas-based Clear Channel provides outdoor advertising services and operates in more than 260 airport media programs globally.
The transaction is expected to close in 2025, upon satisfaction of regulatory approvals.
(Reporting by Jaiveer Singh Shekhawat in BengaluruEditing by Mark Potter)
((JaiveerSingh.Shekhawat@thomsonreuters.com;))
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