Mubadala, TWG Global to Take Clear Channel Private in $6.2B Deal
Clear Channel Outdoor Holdings has agreed to be acquired by an investor group led by Mubadala Capital and TWG Global in an all-cash deal valuing the U.S. out-of-home advertising company at $6.2 billion. Under the agreement, the buyers will purchase all outstanding Clear Channel shares at $2.43 per share, a 71% premium to the firm’s unaffected closing price of $1.42 on October 16, 2025.
The transaction includes roughly $3 billion in committed equity capital, which the buyers say will help reduce leverage, improve cash flow, and fund future investments, supported by preferred equity from Apollo-managed funds and debt financing led by JPMorgan Chase and Apollo.
Clear Channel CEO Scott Wells said the deal “delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business, and positions Clear Channel for its next phase of long-term growth.” The company operates more than 70,000 outdoor and airport displays reaching about 130 million Americans weekly across more than 65 markets and has been an independent public company since its 2019 spin-off from iHeartMedia.
As part of the transaction, media and technology executive Wade Davis, who partnered with Mubadala Capital and TWG on the deal and previously served as CEO of TelevisaUnivision, is expected to become executive chairman. The agreement includes a 45-day go-shop period through March 26, allowing Clear Channel to solicit competing offers. The acquisition is expected to close by the end of the third quarter.
The acquisition marks Mubadala Capital’s first major North American transaction of 2026. The firm manages more than $30 billion across private market strategies and partnered with TWG Global last year to mobilize up to $20 billion in additional investment capital.
Morgan Stanley and Moelis & Company are advising Clear Channel; Kirkland & Ellis is providing legal counsel. Guggenheim Securities and J.P. Morgan Securities are advising Mubadala Capital, with Freshfields as legal counsel.
