Clear Channel Outdoor, the San Antonio-born billboard and airport-advertising company, has agreed to a $6.2 billion all-cash sale that will keep its headquarters planted in the Alamo City. The investor group leading the takeover, Mubadala Capital in partnership with TWG Global, announced the agreement late Monday.
Under the deal, Clear Channel common shareholders are set to receive $2.43 a share in cash, a per-share price the company said represents a 71% premium to its unaffected October 16, 2025 share price, and the buyers have lined up roughly $3 billion of committed equity to support the transaction. Media-and-technology veteran Wade Davis is expected to come in as executive chairman, and CEO Scott Wells has said the sale is intended to strengthen the company’s balance sheet and position it for growth. In a press release via Clear Channel, the investor group said the agreement won unanimous approval from the board.
For San Antonio, the deal lands as a high-stakes stability play. The company has said it will remain headquartered in the city where its parent has roots, and local coverage cast the sale as a continuity win for the region. The San Antonio Express-News reported that shares climbed after the announcement and closed near $2.36 in the following session. As reported by the San Antonio Express-News, the business traces back to the 1970s and has long been woven into the local corporate landscape.
Deal financing and ownership
The buyers have assembled a blend of equity and debt commitments to finance the purchase, with Apollo-managed funds committing preferred equity and a lending group led by JPMorgan Chase arranging debt financing. Bloomberg reported the financing package and noted that Newlight Partners is acting as a strategic partner to Mubadala Capital on the transaction. The structure is designed to allow the new owners to reduce leverage and put more money into digital platforms as the company shifts to private ownership, according to Bloomberg.
Company scale and recent results
Clear Channel operates more than 61,200 print and digital displays across 81 U.S. markets and has been streamlining its portfolio to focus on the U.S. business. The company reported third-quarter consolidated revenue of roughly $405.6 million and a widened loss in its most recent quarterly filing. That filing and the company’s investor materials detail the inventory and financial backdrop that the buyers say they plan to use to drive programmatic and measurement investment via Clear Channel.
Next steps and what to watch
The merger agreement gives Clear Channel a 45-day "go-shop" period to solicit competing proposals, and the deal still needs regulatory approvals and shareholder consent. The companies said they expect the transaction to close by the end of the third quarter of 2026. If it goes through, Clear Channel’s common stock will be delisted and the company will operate as a privately held business under the new ownership, with the buyers signaling a focus on reducing leverage and speeding up digital growth.
Investors and employees will be watching for the company’s scheduled fourth-quarter and full-year financial release on Feb. 26 and for the proxy filings that are set to follow, which are expected to provide more detail on management retention, financing terms and closing timelines.
For San Antonio officials and advertising clients, the immediate takeaway is continuity. Clear Channel has said it will stay based in the city even as it goes private, closing a long chapter of public ownership and turning the company over to investors who have said they intend to invest in measurement, programmatic tools and ongoing network upgrades.
