Clear Channel (NYSE: CCO) go-shop ends; merger advances with Mubadala-led group

Rhea-AI Filing Summary

Clear Channel Outdoor Holdings reported that the 45-day “go-shop” period under its merger agreement with Madison Parent Inc. and Madison Merger Sub Inc. expired at 11:59 p.m. New York City time on March 26, 2026. During this period, its financial advisors contacted 46 potential buyers and 7 parties signed non-disclosure agreements, but none provided an indication of interest or an offer to acquire the company.

With the “go-shop” period now over, the company is subject to customary “no-shop” restrictions, although the merger agreement includes standard fiduciary-out provisions. The merger with an investor consortium led by affiliates of Mubadala Capital in partnership with TWG Global will next require stockholder approval at a special meeting and satisfaction of regulatory and other closing conditions, as detailed in future proxy materials.

Insights

M&A and corporate governance analyst

Go-shop ended with no rival bids; merger proceeds under no-shop terms.

The company completed a 45-day “go-shop” process tied to its merger with Madison Parent Inc., contacting 46 parties and executing 7 NDAs. No third party submitted an indication of interest or competing offer, leaving the existing merger agreement as the sole transaction path described.

After expiration of the “go-shop,” the company moved into customary “no-shop” restrictions, limiting its ability to seek alternative bids while preserving fiduciary-out flexibility. This step narrows strategic options around the disclosed merger but does not itself change financial terms, which remain subject to stockholder and regulatory approvals.

The filing emphasizes risks such as potential termination of the merger agreement, need for majority stockholder approval, regulatory clearances, and possible litigation. Future detail will come through the definitive proxy statement for the special meeting, which will outline terms and the board’s rationale for stockholders considering the proposed transaction.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 26, 2026

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-32663		88-0318078
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

4830 North Loop 1604W, Suite 111

San Antonio, Texas, 78249

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (210) 547-8800

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☒ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		CCO		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On March 26, 2026, at 11:59 p.m., New York City time, the 45-day “go-shop” period expired under the terms of the previously announced Agreement and Plan of Merger, dated as of February 9, 2026 (as may be amended from time to time, the “Merger Agreement”), by and among the Company, Madison Parent Inc., a Delaware corporation (“Parent”), and Madison Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which, subject to the satisfaction or waiver of the conditions set forth therein, Merger Sub will be merged with and into Clear Channel, with Clear Channel continuing as the surviving corporation and a wholly owned subsidiary of Parent (the “Merger”).

Pursuant to the Merger Agreement, at the direction of the Company’s board of directors, the Company’s financial advisors, Morgan Stanley & Co. LLC and Moelis & Company LLC, solicited during the 45-day “go-shop” period potential alternative acquisition proposals with respect to the Company from third parties, making outreach to 46 parties, 7 of which executed non-disclosure agreements with the Company, none of which contained a standstill. Each such person executing a non-disclosure agreement was provided with certain non-public information relating to the Company. No such person made any indication of interest or other offer to acquire the Company.

Upon the expiration of the “go-shop” period, the Company became subject to customary “no-shop” restrictions on its ability to solicit alternative acquisition proposals from third parties and to provide non-public information to and engage in discussions or negotiations with third parties regarding alternative acquisition proposals, subject to certain exceptions, including customary “fiduciary-out” provisions, as set forth in the Merger Agreement.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this Current Report on Form 8-K, including statements regarding the Merger, stockholder approvals (including the Requisite Stockholder Approval (as defined in the Merger Agreement)), any expected timetable for completing the Merger, the expected benefits of the Merger and any other statements regarding the Company’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. The words “expect,” “anticipate,” “estimate,” “believe,” “forecast,” “goal,” “intend,” “objective,” “plan,” “project,” “seek,” “strategy,” “target,” “will” and similar words and expressions are intended to identify such forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are inherently uncertain. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond the Company’s control and are difficult to predict. These risks and uncertainties include, but are not limited to: uncertainties associated with the proposed Merger, including the failure to consummate the Merger in a timely manner or at all, could adversely affect the Company’s business, results of operations, financial condition, and the trading price of the Company’s common stock; the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, including circumstances requiring the Company to pay a termination fee pursuant to the Merger Agreement; failure to satisfy the conditions precedent to consummate the Merger, including the adoption of the Merger Agreement by the affirmative vote (in person or by proxy) of the holders of a majority of the outstanding shares of the Company’s common stock and obtaining required regulatory approvals; the risk that restrictions on the operation of the Company’s business during the pendency of the Merger may impact the Company’s ability to pursue certain business opportunities or strategic transactions or undertake certain actions the Company might otherwise have taken; potential litigation relating to, or other unexpected costs resulting from, the Merger; the risk that any announcements relating to the Merger could have adverse effects on the market price of the Company’s common stock, credit ratings or operating results; and the risk that the Merger and its announcement could have an adverse effect on the ability of the Company to retain and hire key personnel, to retain customers and to maintain relationships with business partners, suppliers and customers. The Company can give no assurance that the conditions to the Merger will be satisfied or that the Merger will close within any anticipated time period. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this Current Report on Form 8-K are described in the section entitled “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, initially filed with the SEC on February 26, 2026, as amended by Amendment No. 1 to such Annual Report on Form 10-K/A for the fiscal year ended December 31, 2025, filed with the SEC on March 27, 2026 (the “Annual Report”), as well as other risks and forward-looking statements in other reports and filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Current Report on Form 8-K or the date of any document referred to in this Current Report on Form 8-K. Except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

Additional Information and Where to Find It

This Current Report on Form 8-K is being made in respect of the proposed Merger and related transactions (collectively, the “proposed transaction”) involving the Company and by an investor consortium comprised of affiliates and/or certain investment funds advised by Mubadala Capital, in partnership with TWG Global. In accordance with the Merger Agreement, a special meeting of the stockholders of the Company (the “Special Meeting”) will be announced as promptly as practicable to seek the Company’s stockholder approval in connection with the proposed transaction. The Company intends to file relevant materials with the SEC, including preliminary and definitive proxy statements relating to the proposed transaction. The definitive proxy statement will be mailed to the Company’s stockholders. This Current Report on Form 8-K is not a substitute for the definitive proxy statement or any other document that may be filed by the Company with the SEC.

BEFORE MAKING ANY DECISION, THE COMPANY’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT AS, IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Any vote in respect of resolutions to be proposed at the Company’s stockholder meeting to approve the proposed Merger or other proposals in relation to the proposed Merger should be made only on the basis of the information contained in the Company’s definitive proxy statement. You will be able to obtain a free copy of the definitive proxy statement and other related documents (when available) filed by the Company with the SEC at the website maintained by the SEC at www.sec.gov or by accessing the Investor Relations section of the Company’s website at https://investor.clearchannel.com/.

Participants in the Solicitation

The Company and its directors and executive officers and certain of its employees may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the proposed transaction. Information regarding the Company’s directors and executive officers is set forth under the captions “Directors,” “Compensation Discussion and Analysis,” “Our NEOs,” “Compensation Committee Report,” “Executive Compensation Tables,” “Director Compensation” and “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in the Company’s Annual Report and, when available, in the definitive proxy statement with respect to the Special Meeting. To the extent the holdings of the Company’s securities by its directors or executive officers have changed since the amounts set forth in the Annual Report or, when available, the definitive proxy statement with respect to the Special Meeting, such changes have been or will be reflected on Forms 3, 4 and 5, filed with the SEC.

These documents may be obtained free of charge from the SEC’s website at www.sec.gov or by accessing the Investor Relations section of the Company’s website at https://investor.clearchannel.com/. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the definitive proxy statement that the Company expects to file in connection with the proposed transaction and other relevant materials the Company may file with the SEC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
Date: March 27, 2026	By:	/s/ David Sailer
		David Sailer
		Chief Financial Officer

FAQ

What did Clear Channel Outdoor (CCO) announce about its merger process?

Clear Channel Outdoor reported the expiration of its 45-day “go-shop” period under the merger agreement with Madison Parent Inc. No alternative bidders emerged, and the company has now entered a customary “no-shop” phase subject to fiduciary-out provisions.

How many potential buyers contacted Clear Channel Outdoor (CCO) during the go-shop?

During the 45-day “go-shop,” Clear Channel’s advisors reached out to 46 potential buyers, and 7 parties signed non-disclosure agreements. Each NDA counterparty received non-public information, but none submitted an indication of interest or offer to acquire the company.

Who is acquiring Clear Channel Outdoor (CCO) under the current merger agreement?

Clear Channel Outdoor agreed to be acquired through a merger with Madison Parent Inc. and Madison Merger Sub Inc., backed by an investor consortium of affiliates and investment funds advised by Mubadala Capital, in partnership with TWG Global, subject to stated conditions.

What happens now that Clear Channel’s go-shop period has ended?

With the go-shop period over, Clear Channel is bound by customary “no-shop” restrictions limiting active solicitation of competing offers. However, the merger agreement includes fiduciary-out provisions, and completion of the transaction still requires stockholder approval and regulatory clearances.

Will Clear Channel Outdoor (CCO) stockholders vote on the proposed merger?

Yes. A special meeting of Clear Channel stockholders will be called to seek approval of the proposed merger. Detailed terms, risks, and board recommendations will appear in a definitive proxy statement filed with the SEC and mailed to stockholders before the meeting.

Where can Clear Channel Outdoor (CCO) investors find the merger proxy materials?

Investors will be able to access the preliminary and definitive proxy statements, once filed, on the SEC’s website at www.sec.gov and in the Investor Relations section of Clear Channel’s website at https://investor.clearchannel.com/ at no charge.

Filing Exhibits & Attachments

3 documents

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB