Mubadala Capital Completes Acquisition of Clear Channel Outdoor

Mubadala Capital has completed its previously announced acquisition of Clear Channel Outdoor Holdings, Inc. The transaction, valued at approximately $6.2 billion, received all necessary regulatory approvals and approval from Clear Channel stockholders.

Wade Davis has assumed the role of Chief Executive Officer, succeeding Scott Wells, who has stepped down and will serve as an advisor to ensure a smooth transition. John Halley has also joined the company as Chief Commercial Officer.

Following the completion of the acquisition, Clear Channel's common stock will be delisted from the New York Stock Exchange. The company's operations will now fall under Mubadala Capital's ownership.

Clear Channel Outdoor is a significant player in the U.S. out-of-home advertising industry, focusing on digital displays and data analytics to enhance advertising campaigns.