Mubadala Capital and TWG Global to Acquire Clear Channel Outdoor for $6.2 Billion

Clear Channel Outdoor Holdings, Inc. (CCO) entered a merger agreement on February 9, 2026, to be acquired by Mubadala Capital and TWG Global in an all-cash deal valued at $6.2 billion.

Deal Structure:

The investor group will acquire 100% of Clear Channel’s outstanding common stock, with Clear Channel’s common shareholders receiving $2.43 per share in cash, representing a 10.96% premium from the stock’s last close.

Company Profile:

Clear Channel Outdoor is an out-of-home advertising company that owns and operates billboards, digital displays, and other outdoor media across the U.S. and Europe, connecting advertisers with millions of consumers through data-driven, increasingly digital campaigns.

Mubadala Capital is an alternative asset manager based in Abu Dhabi and a subsidiary of Mubadala Investment Company, managing over $430 billion in assets across private equity and other alternative asset classes for institutional and private investors worldwide.

TWG is an investment firm led by Mark Walter and Thomas Tull that invests in and scales businesses across financial services, technology, media, sports, and energy, with a portfolio enterprise value exceeding $40 billion.

Deal Details and Timeline:

In September last year, activist investor Anson Funds urged Clear Channel to pursue a sale of the company. The stock was trading at $1.40 before Bloomberg reported on Anson’s intentions.

Wade Davis, former CEO of Univision and a media and technology veteran who partnered with Mubadala Capital and TWG on the transaction, is expected to join Clear Channel as Executive Chairman.

The deal is expected to close by the end of the third quarter of 2026.

Clear Channel plans to keep its headquarters in San Antonio, Texas.

Equity financing will be provided by Mubadala in partnership with TWG, with Apollo-managed funds (APO) committing preferred equity to the transaction. Debt financing has been committed by a consortium led by JPMorgan Chase, alongside Apollo Funds.

Clear Channel will have a 45-day “go-shop” period to seek and consider other acquisition offers from third parties. This period ends on March 26, 2026.

Clear Channel was advised by Morgan Stanley and Moelis & Co. on financial matters, with legal counsel provided by Kirkland & Ellis. Mubadala and TWG were advised by Guggenheim Securities and J.P. Morgan Securities, with legal counsel from Freshfields.

Mubadala and TWG’s acquisition is valued at 14.53 times the EBITDA of Clear Channel.

Deal Metrics:

For a comprehensive overview of this M&A transaction, visit the Deal Metrics page at:

Deal Metrics for the acquisition of Clear Channel Outdoor Holdings, Inc. (CCO) by Mubadala Capital and TWG Global

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

Disclaimer: We encourage you to perform your own due diligence before buying or selling any securities mentioned in this article. We cannot guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article