Clear Channel Outdoor (CCO) said Wednesday it has agreed to sell its business in Brazil to Publibanca Brasil, an affiliate of Eletromidia, for about 80 million Brazilian reais ($14 million).
The deal, expected to close in 2025, remains subject to approval by Brazil's Administrative Council for Economic Defense and other customary closing conditions.
Clear Channel said it plans to use the sale proceeds to improve its liquidity position.
Clear Channel shares were 1.4% higher in recent trading.
Price: 1.10, Change: +0.01, Percent Change: +0.92
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