Mubadala Capital Completes $6.2 Billion Clear Channel Take-Private
The U.S. out-of-home advertiser closed after regulatory and stockholder approvals, with Wade Davis taking over as chief executive.
Clear Channel Outdoor Holdings, Inc. (CCO), a leader in U.S. out-of-home advertising, completed its previously announced acquisition by Mubadala Capital on October 14, 2026, in a transaction valued at approximately $6.2 billion. The close followed receipt of all applicable regulatory approvals and approval by Clear Channel stockholders.
The all-cash deal, first agreed on February 9, 2026, values Clear Channel at an enterprise value of $6.2 billion and pays common shareholders $2.43 a share in cash, a 71% premium to the unaffected share price of $1.42 on October 16, 2025, the last trading day before media reports of a potential transaction. Mubadala Capital is taking the company private in partnership with TWG Global, with about $3 billion of equity capital committed.
With the close, Clear Channel’s common stock ceased trading and was delisted from the New York Stock Exchange.
Wade Davis became chief executive officer, succeeding Scott Wells, who stepped down as CEO and from the board. Wells will serve as an advisor to support the transition. Davis, who had been expected to join as executive chairman, also sits on the board in that role. John Halley joined as chief commercial officer, working across all commercial activities.
Davis is the founder and chief executive of ForgeLight LLC, an operating and investment company focused on media and consumer technology. He led the merger of Univision with Grupo Televisa’s entertainment assets to create TelevisaUnivision and served as its chief executive from January 2021 through September 2024. He previously served as executive vice president and chief financial officer of Viacom Inc. from November 2012 through December 2019. Halley most recently served as president of advertising at Paramount Global.
Substantially concurrently with closing, Clear Channel entered an eighth amendment to its credit agreement with Deutsche Bank AG New York Branch as administrative agent. Under the amendment, the company incurred $100 million of incremental term loans, with proceeds used to fund payments required in connection with the merger and for other general corporate purposes, and to pay fees, costs and expenses related to the amendment. The company also terminated in full and permanently reduced the commitment under its revolving credit facility to $0, effective as of the merger date. A third amendment to the company’s ABL credit agreement, executed on May 15, 2026, became effective in connection with closing.
On October 14, 2026, Clear Channel irrevocably deposited with U.S. Bank Trust Company, National Association, as trustee, funds of approximately $1,872.7 million, sufficient to pay the regular interest due October 15, 2026, on its 7.750% senior notes due 2028 and the redemption price of all outstanding 2028 notes and 7.500% senior notes due 2029. Those senior notes are to be redeemed in full on October 24, 2026, at 100% of principal plus accrued and unpaid interest to, but excluding, the redemption date.
The February announcement said the investor group’s approximately $3 billion of equity capital was expected to enhance financial flexibility, support ongoing deleveraging, and reposition Clear Channel to pursue new avenues of growth.