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Clear Channel Outdoor Sold to Mubadala Capital and TWG Global
The $3 billion deal takes the outdoor advertising company private with plans to go public again within 5 years.
Published on Feb. 11, 2026
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Clear Channel Outdoor, one of the largest outdoor advertising companies in the world, has been sold to a consortium of investors led by Mubadala Capital and TWG Global. The $3 billion deal will take Clear Channel Outdoor private, allowing the company to focus on improving performance and reducing debt before potentially going public again within 5 years.
Why it matters
The sale of Clear Channel Outdoor represents a major shift in the outdoor advertising industry, as one of the largest players transitions from public to private ownership. This move could allow the company to make strategic changes and investments without the scrutiny of public markets, with the goal of relisting when conditions are more favorable.
The details
The $3 billion in equity for the acquisition will be provided by Mubadala Capital, an affiliate of the Abu Dhabi sovereign wealth fund, and TWG Global, a Chicago-based holding company and family investment office. Preferred stock will be provided by Apollo Global Management. Going private will allow Clear Channel Outdoor to reduce legal and reporting costs associated with public market compliance.
- The transaction was announced on February 11, 2026.
- The deal is expected to close within the next 3-6 months.
The players
Mubadala Capital
An affiliate of Mubadala Investment Company, the sovereign wealth fund of the government of Abu Dhabi, with $430 billion in assets under management.
TWG Global
A Chicago-based holding company and family investment office founded by Guggenheim Partners CEO Mark Walter, with $40 billion in assets including investments in sports teams and motorsports.
Apollo Global Management
A publicly traded alternative investment management firm with approximately $938 billion in assets under management, including investments in Yahoo, Cox Media TV, and Legendary Entertainment.
What they’re saying
“We are excited to partner with Clear Channel Outdoor and help guide the company through its next phase of growth and innovation.”
— Waleed Al Mokarrab Al Muhairi, Deputy Group CEO and Chief Executive Officer of Alternative Investments and Infrastructure at Mubadala Investment Company
“This transaction represents a unique opportunity to invest in a leading out-of-home advertising platform and leverage our expertise to drive long-term value creation.”
— Mark Walter, Founder of TWG Global
What’s next
The transaction is expected to close within the next 3-6 months, after which Clear Channel Outdoor will work to improve its performance and reduce debt with the goal of going public again within 5 years.
The takeaway
The sale of Clear Channel Outdoor to a consortium of private investors signals a shift in the outdoor advertising industry, as one of the largest players seeks to optimize its operations and capital structure away from the scrutiny of public markets. This move could pave the way for a stronger, more agile Clear Channel Outdoor to eventually return to the public markets.
