Clear Channel Outdoor Holdings, Inc. Completes Sale of its Switzerland Business to Goldbach Group, an Affiliate of TX Group

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that it has completed the sale of its business in Switzerland to Goldbach Group AG, an affiliate of TX Group AG, for gross proceeds of CHF 86.0 million, or US$ 94.2 million¹.

The Company received cash proceeds today, net of customary closing adjustments, totaling CHF 84.1 million, or US$ 92.1 million¹, and anticipates the net cash proceeds, after payment of transaction related fees and expenses, will be utilized to improve liquidity and increase financial flexibility in Europe as permitted under the Company's debt agreements.

¹ This figure is based on prevailing exchange rates on March 30, 2023.