Clear Channel to go private in US$6.2bn acquisition

Clear Channel Outdoor Holdings is set to be acquired by Mubadala Capital in partnership with TWG Global in an all-cash transaction valued at US$6.2 billion, marking a major ownership shift for one of the largest out-of-home (OOH) advertising players in the US.

Under the definitive agreement, the investor group will acquire 100% of Clear Channel’s outstanding common stock, with shareholders receiving US$2.43 per share in cash. The offer represents a 71% premium to the company’s unaffected share price of US$1.42 on 16 October 2025, prior to media reports of a potential transaction.

The acquisition is expected to streamline Clear Channel’s ownership structure while providing long-term capital to support growth and ongoing deleveraging efforts. Approximately US$3 billion in equity capital has been committed as part of the deal.

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As part of the transition, media and technology veteran Wade Davis, who partnered with Mubadala Capital and TWG on the transaction, is expected to join Clear Channel as executive chairman.

Commenting on his role, Davis said: "In partnership with Mubadala Capital and TWG, I look forward to working with management to continue investing in data, measurement and transaction platforms, and unlocking the true potential of this powerful medium to drive meaningful outcomes for agencies and advertisers." 

Meanwhile, Scott Wells, CEO of Clear Channel said that the transition delivers compelling value to its shareholders, strengthens its financial flexibility and positions the company for its next phase of long-term growth. 

Oscar Fahlgren, chief investment officer of Mubadala Capital, said the acquisition aligns with the firm’s strategy of investing in high-quality businesses with long-term growth potential.

"This transaction reflects Mubadala Capital's approach to investing: identifying high-quality businesses where complexity creates opportunity and long-term partnership drives value. Clear Channel is a category leader with a strong platform and significant potential ahead. We look forward to supporting the company and its management through active ownership, disciplined execution, and long-term capital," said Fahlgren.

In tandem, Mark Walter, co-chairman and CEO of TWG, added that the deal underscores the firm’s investment focus on large-scale digital transformation opportunities: "Mubadala Capital's ability to approach complex transactional situations with creativity and commit resources to support high-conviction opportunities, combined with TWG's operational expertise and track record of driving large-scale digital transformation across a range of industries, will set up Clear Channel and its management team to lead the sector at this exciting inflection point and build the next generation of digital advertising infrastructure." 

Clear Channel has been undergoing transformation efforts in recent years, including expanding digital inventory and data-led OOH capabilities, as advertisers increasingly seek measurable, omnichannel media solutions.

The transaction is subject to customary closing conditions and regulatory approvals.

The acquisition comes amid rising innovation in out-of-home advertising, with players exploring ways to merge digital and physical channels. Moving Walls, for example, recently partnered with TikTok under the "Out of Phone" initiative to bring TikTok-native content into high-traffic environments across APAC and MEA, including transit hubs, malls and airports.

The collaboration highlights a broader trend in OOH, as brands increasingly look to bridge online virality with offline impact, creating cohesive omnichannel experiences that follow consumers throughout their day.

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