Company: CCO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001334978-25-000008
Chunk: 118

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 118
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 of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, the Company will be required to provide a qualitative description of amounts not separately disaggregated, as well as disclose total selling expenses. The new disclosure requirements will be effective for the Company for annual periods beginning in 2027, and interim periods beginning in 2028, and may be applied prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact on its disclosures.

NOTE 3 – DISPOSITIONS AND DISCONTINUED OPERATIONS

DispositionsIn 2023, the Company sold, or entered into an agreement to sell, its businesses in Switzerland, Spain, Italy and France, which comprised the entire Europe-South segment:•On March 31, 2023, the Company sold its business in Switzerland for cash proceeds of $84.9 million (net of direct costs to transact the sale and cash sold) and recognized a gain of $96.4 million.

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Table of ContentsCLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

•On May 30, 2023, the Company entered into an agreement to sell its business in Spain, but the potential buyer terminated the agreement on October 28, 2024, after withdrawing its regulatory filing with the Spanish antitrust authority. The Company has resumed the sales process and marketing efforts for this business, and the assets and liabilities remain classified as held for sale.•On May 31, 2023, the Company sold its business in Italy for cash proceeds of $4.3 million (net of direct costs to transact the sale and cash sold) and recognized a gain of $11.2 million.•On October 31, 2023, the Company sold its business in France. The Company delivered all related assets to the buyer with $44.5 million in cash, subject to adjustments for customary items, taxes and other costs, and the buyer assumed the $29.7 million state-guaranteed loan held by Clear Channel France. In December 2023, the buyer repaid $4.9 million to satisfy post-closing obligations. The net cash delivered, after the repayment and payment of additional direct costs to transact the sale, was $43.0 million. This sale resulted in a loss of $212.0 million, with $200.6 million recognized in the third quarter of