SAN ANTONIO , Oct. 28, 2024 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that a subsidiary of JCDecaux SE has terminated the previously announced agreement to acquire the Company's business in Spain after deciding to withdraw its regulatory filing with the Spanish National Markets and Competition Commission (the "CNMC") in light of the commitments required by the CNMC.
The Company will continue operating its business in Spain and remains focused on executing its strategic priorities in its America and Airports segments. "We at Clear Channel respect the regulatory process and have fully complied with requests from the CNMC, acting in good faith to enable JCDecaux to receive approval and complete the transaction," said Scott Wells , Chief Executive Officer of Clear Channel Outdoor. "Over the course of the seventeen-month period since the agreement was announced, our business in Spain has performed well despite the distractions inherent in a sales process.
With this development, we will continue to operate our assets in Spain and serve our customers. We will not change our focus on delivering our strategic plan, including the Europe-North and Latin American sales processes, and we remain committed to our ultimate goals of organically growing cash flow and reducing leverage on our balance sheet." Wells continued, "I would like to express my gratitude to all our European teams for their hard work through this process, and especia.