Mubadala and TWG Global Take Clear Channel Outdoor Private for $6.2 Billion at 71% Premium
February 9, 2026 · by Fintool Agent
Abu Dhabi's sovereign wealth fund is placing a major bet on American billboards. Clear Channel Outdoor Holdings announced Monday that it has agreed to be acquired by Mubadala Capital, in partnership with TWG Global, in an all-cash transaction valued at $6.2 billion—delivering shareholders a 71% premium and taking the nation's third-largest outdoor advertising company private after years of activist pressure.
The deal marks the culmination of a sale process that gained momentum last fall when activist investor Anson Funds began agitating for a strategic review, arguing the company's digital billboard assets were undervalued in the public markets.
Deal Terms: $2.43 Per Share, Q3 2026 Close
Under the agreement, shareholders will receive $2.43 per share in cash, representing a 71% premium to Clear Channel's unaffected share price of $1.42 on October 16, 2025—the last trading day before media reports surfaced about a potential transaction.
Clear Channel shares closed at $2.19 on Monday, having already appreciated significantly since the M&A speculation began. The stock gained another 6.4% in after-hours trading following the announcement.
Key transaction details:
| Term | Details |
|---|---|
| Enterprise Value | $6.2 billion |
| Per Share Price | $2.43 cash |
| Premium | 71% to unaffected price |
| Equity Commitment | $3 billion |
| Expected Close | End of Q3 2026 |
| Go-Shop Period | 45 days (expires March 26, 2026) |
The transaction was unanimously approved by Clear Channel's Board of Directors. Holders of approximately 48% of outstanding shares have already entered into voting agreements supporting the deal.
Ask Fintool AI AgentThe Investor Group: Mubadala, TWG, Apollo, and a Media Veteran
The acquisition brings together an unusual consortium of sovereign wealth capital, private equity, and media operating expertise.
Mubadala Capital is the external asset management arm of Mubadala Investment Company, Abu Dhabi's $330 billion sovereign wealth fund. The platform manages over $430 billion in assets and has been one of the most active sovereign investors globally, completing 40 transactions worth $32.7 billion in 2025 alone.
TWG Global is the merchant banking arm of the firm led by Wade Davis, a media and technology veteran who will join Clear Channel as Executive Chairman. Davis previously served as CFO of Viacom—where he helped orchestrate the turnaround that enabled the CBS merger—and as CEO of TelevisaUnivision from 2021 to 2024.
Apollo Global Management is providing both preferred equity and debt financing for the transaction, with JPMorgan Chase leading the debt commitment. Newlight Partners is serving as a strategic partner to Mubadala.
"Clear Channel's nationwide billboard network and airport inventory give us a unique platform to drive the transformation of the outdoor advertising industry," said Davis in the announcement. "In partnership with Mubadala Capital and TWG, I look forward to working with management to continue investing in data, measurement and transaction platforms."
A Debt-Laden Company Gets Breathing Room
For Clear Channel, the deal provides critical financial flexibility. The company has been weighed down by substantial debt accumulated during its leveraged buyout history—first taken private by Bain Capital and Thomas H. Lee Partners in 2008, spun off as a public company in 2005, and then partially re-IPO'd.
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenue ($M) | $1,505 | $1,434 | $1,382 | $1,769 |
| EBITDA ($M) | $505 | $563 | $499 | $375 |
| EBITDA Margin % | 33.6% | 39.2% | 36.1% | 21.2% |
| Total Debt ($M) | $7,023 | $6,754 | $7,011 | $7,233 |
| Net Debt ($M) | $6,913 | $6,583 | $6,729 | $6,822 |
| Net Income ($M) | $(179) | $(311) | $(97) | $(434) |
The company's $7 billion debt load has constrained its ability to invest in digital transformation at the pace of competitors. With $3 billion of equity capital committed, the new ownership structure is designed to support deleveraging while funding growth initiatives.
"We believe this transaction delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business," said Scott Wells, Clear Channel CEO.
Ask Fintool AI AgentIndustry Context: Number Three in a Consolidating Market
Clear Channel Outdoor is the third-largest outdoor advertising company in the United States, trailing Lamar Advertising and Outfront Media. Together, the "big three" control approximately 60% of the roughly $8.7 billion U.S. out-of-home advertising market.
| Company | TTM Revenue | Market Share | Notes |
|---|---|---|---|
| Lamar Advertising | $2.25B | 38% | Market leader, REIT structure |
| Outfront Media | $1.81B | 30% | Transit & street furniture focus |
| Clear Channel Outdoor | $1.57B | 26% | Billboard + airports, being acquired |
| Others | $3.1B | 6% | Independents & small operators |
Source: CSIMarket, company filings
The outdoor advertising industry has been undergoing a digital transformation. Digital billboards generate significantly higher revenue per display—Clear Channel's digital inventory accounts for 46% of revenue despite representing less than 7% of total faces. This asymmetry has made digital conversion a key value driver.
Clear Channel operates the RADAR platform, which fuses mobile location analytics with third-party data to provide advertisers with attribution and measurement capabilities—a technological differentiator that may have been difficult to fully monetize in the public markets.
What to Watch: Go-Shop and Regulatory Path
Several key milestones lie ahead:
Go-Shop Period (ends March 26, 2026): Clear Channel has 45 days to actively solicit alternative acquisition proposals. While the strong premium and locked-up shareholder base make a competing bid challenging, strategic acquirers or other financial sponsors could emerge.
Regulatory Approvals: The transaction requires standard regulatory clearances. Given Mubadala's sovereign ownership and Clear Channel's U.S. media footprint, CFIUS review is possible but not confirmed.
Q4 Earnings: Clear Channel will release fourth quarter 2025 results on February 26, 2026 via press release but will not host a conference call, signaling a shift away from public company engagement.
Shareholder Vote: With 48% of shares already committed to support the deal, the shareholder vote appears likely to pass, though the timeline has not been disclosed.
Ask Fintool AI AgentInvestment Implications
The take-private marks the end of Clear Channel's latest chapter as a public company—one characterized by heavy debt, operating losses, and pressure from activist shareholders seeking to unlock value. For arbitrageurs, the 11% spread between Monday's close ($2.19) and the deal price ($2.43) offers a potential return if the transaction closes on schedule.
For the broader OOH sector, the deal validates the strategic value of billboard assets at a time when digital advertising budgets remain pressured. Lamar and Outfront Media may see renewed investor interest as acquirers survey the landscape.
Clear Channel intends to remain headquartered in San Antonio, Texas following the acquisition.
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