Company Continues Review of Strategic Alternatives for its Other European Businesses
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced it has closed on the sale of its business in Italy to a subsidiary of JCDecaux SE for gross proceeds of approximately EUR 15.1 million, or US$ 16.2 million1.
The Company received cash proceeds, net of customary estimated closing adjustments, totaling EUR 9.3 million2, or US$ 9.9 million1,2 today. The Company intends to use the anticipated net proceeds from the sale, after payment of transaction related fees and expenses, to improve its liquidity position, subject to any limitations set forth in its debt agreements.
The Board continues its review of strategic alternatives for our other European businesses. There can be no assurance that the strategic reviews will result in any additional transactions or particular outcomes. The Company has not set a timetable for completion of these processes and may suspend these processes at any time.
1 Figures based on prevailing exchange rates on May 30, 2023.
2 Net cash proceeds included payment by the buyer of EUR 2.4 million, or US$ 2.6 million1, for estimated cash on CCO Italy's balance sheet.