Financing and Structure
The deal is supported by approximately $3 billion in equity commitments from Mubadala Capital and TWG Global. Additional financing will come through debt led by JPMorgan Chase and funds managed by Apollo. Apollo-affiliated funds have also committed preferred equity as part of the transaction.
Clear Channel will enter a 45-day “go-shop” window to seek potential alternative bids, a period that runs through March 26.
Freshfields LLP is advising Mubadala, with corporate partners Ethan Klingsberg and Oliver Board leading the team. Kirkland & Ellis LLP is serving as legal counsel to Clear Channel.
Strategic Vision for the Next Phase
Scott Wells, Clear Channel’s chief executive officer, described the acquisition as a pivotal moment.
“This transaction delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business, and positions Clear Channel for its next phase of long-term growth,” Wells said.
For Mubadala, the move aligns with a strategy of targeting companies where layered challenges can unlock opportunity.
Oscar Fahlgren, Mubadala’s chief investment officer, said the acquisition reflects the firm’s approach of “identifying high-quality businesses where complexity creates opportunity and long-term partnership drives value.”
Mark Walter, co-chairman and CEO of TWG, framed the deal as a launchpad for transformation, saying it positions Clear Channel “to lead the sector at this exciting inflection point and build the next generation of digital advertising infrastructure.”
In a further signal of the new ownership’s ambitions, media and technology executive Wade Davis — who partnered with Mubadala and TWG on the transaction — is expected to join Clear Channel as executive chair.
As billboards glow and airport screens flicker, the deal underscores a broader shift: even in the age of streaming and smartphones, the physical canvas of outdoor advertising remains a high-stakes battleground — and investors are betting big on its next chapter.
