Clear Channel Outdoor Holdings (CCO) said Thursday it has sold its businesses in Mexico, Peru, and Chile to Global Media US for $20 million in cash, with a potential $1.25 million earn-out.
The deal, valued at $34 million, was completed as a sign-and-close transaction, the company said, adding that it plans to use the net proceeds to support liquidity.
Clear Channel will classify the divested businesses as discontinued operations in its financial statements starting with Q4 results, the company said.
The company also said the sale is part of its plan to streamline operations and focus on its America and Airports segments while its pursuit to sale its business in Brazil continues.
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