By Colin Kellaher
Clear Channel Outdoor Holdings has struck a deal to sell its Europe-North segment to a unit of German media conglomerate Bauer Media Group for $625 million in cash.
Clear Channel on Thursday said the purchase price represents a multiple of around 6.5 times the segment's results for the 12 months ended Sept. 30, adding that it will use part of the proceeds to repay $375 million in term loans.
The deal is slated to close later this year.
Clear Channel, a San Antonio, Texas, provider of advertising billboards and displays, said the sale wraps up the divestiture of the bulk of its European operations as it focuses on the growth of its America and airports segments.
The company previously sold its businesses in Switzerland, Italy and France, but a planned sale of its business in Spain to JCDecaux fell apart late last year over regulatory concerns.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 09, 2025 06:19 ET (11:19 GMT)
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