(RTTNews) - Clear Channel Outdoor Holdings, Inc. (CCO), an outdoor advertising corporation, Thursday announced that it has signed a definitive agreement to sell its Europe-North segment businesses to Bauer Radio Limited for $625 million in cash.
The Company plans to use the net proceeds from the sale to fully repay the $375 million CCIBV term loans, including any accrued interest. The balance of the proceeds will be used to manage the Company's other debts. The deal is expected to close in 2025.
Bauer Radio Limited is a subsidiary of Bauer Media Group.
Wednesday, CCO had closed 3.47% higher at $1.39 on the Nasdaq.
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