Clear Channel Outdoor Holdings, Inc. (CCO)

Price$2.39Cached quoteAs of 2026-09-17 11:29 UTC

AI: Fair-priced

Price checkThe takeover leaves little upside, while failure would expose weak stand-alone value.

Reported: the signed cash takeover consideration is about 1.7% above the observed quote, and shareholders approved the agreement in May. The company still said in August that closing required remaining regulatory approvals, including U.S. foreign-investment review, and targeted the end of the third quarter. Inference: the modest upside roughly matches the risk of delay or failure. The offer’s announced $6.2 billion enterprise value is about 13 times supplied 2025 earnings before interest, tax, depreciation and amortization, so the valuation is not obviously cheap without the deal.

Big pictureCash flow has improved, but large interest costs still prevent durable profits.

Reported: supplied figures for the four quarters through June show about $1.38 billion of revenue and $317 million of operating income, but a $106 million net loss. Operating cash was $160 million and capital spending was $76 million, leaving about $84 million of free cash flow, meaning cash left after running and investing in the business. For the first half alone, that remainder was only about $13 million. Inference: cash generation is improving but thin and seasonal; financing costs absorb much of the billboard business’s operating profit.

Business strengthDebt exceeds recorded assets, while a rising share count weakens existing ownership.

Reported: June debt was $6.47 billion against $192 million of cash, while liabilities exceeded assets by $3.46 billion. Cash interest was $206 million in the first half, with management projecting $394 million for 2027; the next large 2028 maturities total about $1.32 billion. Shares outstanding rose 3.9% from year-end 2024 to June 2026, with no ordinary buybacks or dividends. Inference: asset-sale proceeds have reduced debt, but the $132 million Spain sale is small beside total obligations, and share issuance has diluted existing owners.

What could change the storyRegulatory approval matters more now than another strong advertising quarter.

Reported: second-quarter companywide revenue rose 8.7% and adjusted operating earnings rose 11.6%, helped by World Cup advertising, San Francisco technology demand and airports; airport revenue rose 14%. The cash offer sits only about 1.7% above the observed quote, while the agreement can extend to February 2027 if approvals remain outstanding. Inference: clearance and prompt closing deliver the limited upside. A broken or prolonged deal followed by fading event advertising is the main bear case; sustained digital and airport growth plus much faster debt reduction would strengthen stand-alone value.

AI: News

Second-quarter growthEvent advertising and digital screens lifted sales, but heavy interest costs still produced a loss.

On August 5, the company reported second-quarter revenue up 8.7% from a year earlier and adjusted operating earnings up 11.6%. America revenue grew 7%, airport revenue rose 14%, and management’s adjusted measure of cash available from operations increased 61.6% to $44.9 million. World Cup activity, Bay Area technology advertisers and digital screens helped. The results improved the business being acquired, although the pending fixed-price takeover likely limited their independent importance to the stock.

Spain business soldThe completed Spain sale supplies cash for debt reduction but barely changes the overall burden.

On August 4, Clear Channel completed the sale of its Spanish business to Atresmedia for €115 million, approximately $132 million before adjustments, fees and expenses. Management intends to direct the net proceeds toward debt reduction, subject to the takeover’s outcome. The gross price equals only about 2% of June debt, so the balance-sheet improvement is modest. Completion nevertheless removed uncertainty around the company’s final major international disposal and sharpened its focus on America and airport advertising.

Shareholders approve takeoverThe shareholder vote removed one takeover hurdle, leaving regulatory clearance as the central risk.

On May 12, shareholders approved the proposed acquisition: about 410.8 million shares voted for it, versus roughly 0.5 million against and 0.1 million abstaining. Approximately 81.2% of eligible shares were represented. This removed the required shareholder condition and made regulatory review, particularly U.S. foreign-investment clearance, the main visible obstacle. The vote therefore strengthened confidence in completion, although it did not guarantee timing or eliminate the risk that the agreement could be extended or terminated.

Cash takeover agreedA large takeover premium reset the stock around a fixed payout instead of stand-alone prospects.

On February 9, Mubadala Capital and TWG Global agreed to acquire Clear Channel for cash, valuing the business at $6.2 billion including debt. The agreed shareholder payment represented a 71% premium to the unaffected price. Filings described up to $3.3 billion of committed buyer equity and approximately $3.37 billion of debt financing. This announcement became the dominant valuation event: the observed quote now sits about 1.7% below the promised payout, while remaining regulatory and closing risks explain the gap.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$1.14B	$1.01B	$758.7M	$708.8M	$1.13B	$1.26B	$1.93B	$1.39B	$1.28B	$1.32B	$2.81B	$2.96B	$2.95B	$2.95B	$3.00B	$2.80B	$2.70B
Operating expenses	$545.5M	$545.5M	$557.0M	$514.3M	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	$310.6M	$279.2M	$216.8M	$255.9M	$58.8M	−$292.4M	$252.9M	$251.8M	$232.3M	$631.9M	$260.9M	$282.4M	$290.1M	$267.0M	$302.9M	$186.9M	−$815.3M
Operating margin	27.30%	27.76%	28.58%	36.09%	5.21%	−23.19%	13.10%	18.16%	18.14%	47.93%	9.30%	9.54%	9.85%	9.06%	10.08%	6.68%	−30.22%
EBITDA	$485.6M	$453.2M	$413.6M	$429.6M	$271.9M	−$23.0M	$562.2M	$570.8M	$558.3M	$976.1M	$636.8M	$688.7M	$693.3M	$666.3M	$735.0M	$600.5M	−$375.7M
EBITDA margin	42.68%	45.06%	54.52%	60.60%	24.10%	−1.82%	29.11%	41.15%	43.59%	74.03%	22.69%	23.26%	23.53%	22.61%	24.47%	21.46%	−13.92%
Net income	$19.9M	−$179.3M	−$310.9M	−$96.6M	−$433.8M	−$582.7M	−$363.3M	−$218.2M	−$644.3M	$135.1M	−$96.0M	−$9.6M	−$48.5M	−$183.1M	$42.9M	−$87.5M	−$868.2M
Net profit margin	1.75%	−17.82%	−40.98%	−13.63%	−38.45%	−46.22%	−18.81%	−15.74%	−50.31%	10.24%	−3.42%	−0.32%	−1.64%	−6.21%	1.43%	−3.13%	−32.18%
Basic EPSper basic share	$0.04	-$0.37	-$0.65	-$0.20	-$0.93	-$1.25	-$0.88	-$0.60	-$1.78	$0.37	-$0.27	-$0.03	-$0.14	-$0.54	$0.11	-$0.26	-$2.46
Diluted EPSper diluted share	$0.04	-$0.37	-$0.65	-$0.20	-$0.93	-$1.25	-$0.88	-$0.60	-$1.78	$0.37	-$0.27	-$0.03	-$0.14	-$0.54	$0.11	-$0.26	-$2.46

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of CCO
Holder	Shares held
PACIFIC INVESTMENT MANAGEMENT CO LLC	104.81M
Allianz Asset Management GmbH	104.72M
MORENO ARTURO R	67.61M
ARES MANAGEMENT LLC	41.2M
BlackRock, Inc.	30.44M
FIL Ltd	20.36M
JPMORGAN CHASE & CO	20.32M
SYQUANT CAPITAL SAS	16.75M
VANGUARD CAPITAL MANAGEMENT LLC	12.71M
GLAZER CAPITAL, LLC	12.3M
NEXPOINT ASSET MANAGEMENT, L.P.	10.62M
GEODE CAPITAL MANAGEMENT, LLC	10.13M
MASON CAPITAL MANAGEMENT LLC	9.83M
GAMCO INVESTORS, INC. ET AL	8.74M
STATE STREET CORP	6.42M
WELLS SCOTT	6.08M
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	5.29M
Man Group plc	4.98M
Woodline Partners LP	4.2M
AQR Arbitrage LLC	3.85M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys38$19.72M disclosed value

Sells (SEC code S)13$96.97M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	Legion Partners, L.P. II +7Director	SellCommon Stock	303.3K	$2.40	$727.9K	91.0K
Jun 15, 2026Form 4	Legion Partners, L.P. II +7Director	SellCommon Stock · indirect	900	$2.40	$2.2K	0
Jun 15, 2026Form 4	Legion Partners, L.P. II +7Director	SellCommon Stock · indirect	204.6K	$2.40	$491.1K	0
Jun 15, 2026Form 4	Legion Partners, L.P. II +7Director	SellCommon Stock · indirect	187.4K	$2.40	$449.7K	0
Jun 15, 2026Form 4	Legion Partners, L.P. II +7Director	SellCommon Stock · indirect	2.11M	$2.40	$5.06M	0

Review ownership filings at SEC.gov ↗

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Clear Channel Outdoor Holdings, Inc. (CCO)

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