Company: CCO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001334978-25-000008
Chunk: 119

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 119
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 2023 and $11.4 million in the fourth quarter of 2023.Gains and losses from these sales are included in “Loss from discontinued operations” in the Consolidated Statement of Loss, and net cash proceeds are reflected in “Proceeds from disposition of businesses and/or assets, net of direct costs to sell and cash sold” in the Consolidated Statement of Cash Flows.As part of these sales agreements, the Company has agreed to provide transitional services as defined in the respective Transition Services Agreements. Income and expenses related to these services are presented as part of “Loss from continuing operations” in the Consolidated Statement of Loss.Subsequent EventsIn 2025, the Company sold, or entered into an agreement to sell, the following businesses:•On January 8, 2025, the Company entered into a definitive agreement to sell its Europe-North segment businesses to Bauer Radio Limited, a subsidiary of Bauer Media Group, for a purchase price of $625.0 million, subject to certain customary adjustments. The transaction is expected to close in 2025, upon satisfaction of regulatory approvals. The Company will use the anticipated net proceeds from the sale, after payment of transaction-related fees and expenses, to prepay in full the outstanding CCIBV term loans in the principal amount of $375.0 million, plus any accrued interest. The Company expects to use the remaining net proceeds primarily to repay additional debt and/or for other purposes permitted under the agreements governing the remainder of the Company’s indebtedness.•On February 5, 2025, the Company completed the sale of its businesses in Mexico, Peru and Chile to Global Media US LLC in a simultaneous sign-and-close transaction. The Company received $20.0 million in cash at closing and is eligible to receive an additional $1.25 million earn-out, with the consideration subject to further customary adjustments. The Company intends to use the net proceeds from the sale to improve its liquidity position.The sales processes for the Company’s remaining European and Latin American businesses in Spain and Brazil are ongoing. While the Company cannot guarantee the completion of any transaction, these sales are expected to occur within the next year, subject to the satisfaction of regulatory approvals and other closing conditions, if applicable.

Discontinued OperationsIn 2023, the Company determined that its Europe-South segment businesses met the criteria for discontinued operations presentation. As previously described, these businesses were sold in 2023, with the exception of the business in Spain, which remains held for sale.As of December