Adrian J Cotterill, Editor-in-Chief
Clear Channel Outdoor has entered into a definitive agreement to sell the businesses constituting its Europe-North segment to Bauer Radio Limited, a subsidiary of Bauer Media Group. The expected purchase price from the transaction of USD 625M is subject to certain customary adjustments. The all-cash consideration represents a transaction multiple of approximately 6.5x Europe-North segment results for the twelve months ended September 30, 2024.
Yvonne Bauer, Chair, Bauer Media Board said “The acquisition of Clear Channel Europe represents a pivotal step in advancing our Group’s refocused strategy. By enhancing our core media and related businesses while investing in our digital transformation, this move broadens our capabilities and strengthens our position as a major player in the highly competitive media industry. Bringing together our two companies’ offerings will enable us to reach 350 million consumers through 200 magazine brands, 150 Audio brands, and 110,000 Out of Home sites across Europe. This expands the scope of what we can offer advertisers, in turn giving them the opportunity to amplify the impact and relevance of their campaigns in an increasingly connected and digital world. We look forward to welcoming the Clear Channel team to Bauer Media. Together, we will create a comprehensive and innovative media offering that meets the evolving needs of our advertisers and audiences across the region,”
Clear Channel Europe’s leadership team will continue to lead the Out of Home operations and the 1,400 staff.
Justin Cochrane, CEO, Clear Channel Outdoor UK & Europe told us “We look forward to joining Bauer Media to build upon the strong foundation that we have established in these European markets as a part of Clear Channel Outdoor. The consistent top-line performance of our Europe-North assets year-to-date underscores the growing demand in these markets and the dedication of our teams to executing for our clients and partners.”
Bauer Media’s lead M&A adviser was LionTree Advisers. Reed Smith served as legal adviser. The company was also advised by Deloitte and Herbert Smith Freehills.
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