Mubadala Capital has completed its acquisition of Clear Channel Outdoor in a deal valued at approximately $6.2 billion. The transaction closed after receiving all applicable regulatory approvals and approval from Clear Channel stockholders. Clear Channel's common stock will stop trading and be delisted from the New York Stock Exchange.
Clear Channel operates an out-of-home advertising platform and is expanding its digital billboards and displays. It is also integrating data analytics and programmatic capabilities to make campaigns measurable and simpler to buy.
Wade Davis became CEO of Clear Channel on completion of the deal, succeeding Scott Wells, who has stepped down as CEO and from the board. Wells will serve as an adviser to support the transition. Davis has also joined the board as executive chairman. He is the founder and CEO of Forge Light, an operating and investment company focused on media and consumer technology. Previously, he served as CEO of Televisa Univision from January 2021 to September 2024 and was chief financial officer of Viacom from 2012 to 2019.
John Halley, former president of advertising at Paramount Global, has joined Clear Channel as chief commercial officer, overseeing all commercial activities. Mubadala Capital is a subsidiary of Mubadala Investment Company, whose core alternatives businesses manage more than $60 billion across private equity, special opportunities, credit and venture capital.
Source: PE Hub · Summarized by HeadlinesBriefing