Clear Channel Outdoor to sell Brazil business for $14M

Clear Channel Outdoor (CCO) announced that its subsidiaries have entered into a definitive agreement to sell its business in Brazil to Publibanca Brasil S.A., an affiliate of Eletromidia S.A. The purchase price of approximately $14M, is subject to certain customary adjustments, and the transaction is subject to approval by the Administrative Council for Economic Defense, Brazil’s national competition regulator, and other customary closing conditions. The company intends to use the anticipated net proceeds from the sale to improve its liquidity position. The transaction is expected to close in 2025, upon receipt of final regulatory approval from the Administrative Council for Economic Defense and completion of all other customary closing conditions. Until then, the company and the buyer shall remain completely independent and operate on a business-as-usual basis.