Clear Channel Outdoor Sold for $6.2 Billion

Mubadala Capital and TWG acquire the major outdoor advertising company

Published on Feb. 10, 2026

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Clear Channel Outdoor, one of the largest outdoor advertising companies in the U.S., has been sold to Mubadala Capital and TWG for $6.2 billion. The transaction values Clear Channel Outdoor at 12.76 times its adjusted EBITDA (cashflow) from the past 12 months, which the analysis considers a fair price given the company's mix of billboard and airport advertising assets. The deal will be funded through equity from Mubadala and TWG, as well as debt financing from Apollo and JP Morgan.

Why it matters

The sale of Clear Channel Outdoor is significant for the out-of-home advertising industry, as it helps address the company's crushing debt load that has limited its ability to invest in growth. The new ownership is expected to increase capital spending and improve the company's financial position, which could benefit the overall outdoor advertising market.

The details

The $6.2 billion enterprise value of the transaction works out to a 12.76 times multiple of Clear Channel Outdoor's adjusted EBITDA (cashflow) from the 12 months ending September 30, 2025. This blended multiple factors in the company's mix of billboard assets, which are valued at around 14 times cashflow, and its airport advertising division, which is valued at around 6 times cashflow due to the shorter-term municipal contracts. The deal will be funded through $3 billion in equity from Mubadala Capital and TWG, as well as debt financing from Apollo and JP Morgan.

  • The transaction is expected to close in the third quarter of 2026.
  • Clear Channel Outdoor has 45 days to solicit bids from other potential buyers.

The players

Mubadala Capital

A global investment firm based in the United Arab Emirates that is providing equity financing for the Clear Channel Outdoor acquisition.

TWG

A private investment firm that is partnering with Mubadala Capital on the acquisition of Clear Channel Outdoor.

Apollo

A private equity firm that is providing preferred equity financing and debt financing for the transaction.

JP Morgan

A major investment bank that is providing debt financing for the Clear Channel Outdoor acquisition.

Wade Davis

An engineer and investment banker who is set to become the Executive Chairman of Clear Channel Outdoor after the acquisition, despite having no direct experience in the out-of-home advertising industry.

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What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This sale of Clear Channel Outdoor represents a significant shift in the out-of-home advertising industry, as the new owners are expected to increase investment and improve the company's financial position, which could have positive ripple effects across the sector.