The stock is pinned to the $2.43/share take-private price expected by end of Q3 2026 — arbitrage spread and deal-closing risk (CFIUS review) are what move CCO now, not quarterly fundamentals. Watch for remaining regulatory approvals and the redemption of the 7.750% and 7.500% Senior Notes tied to merger consummation.
Price Chart
Executive Summary
Clear Channel Outdoor reported Q2 2026 revenue of $438.0M (+8.7% YoY) and Adjusted EBITDA of $143.4M (+11.6% YoY), but swung to a net loss of $5.0M from a $10.6M profit a year ago. The stock is being taken private for $2.43/share in cash, expected by end of Q3 2026, and the company completed the sale of its Spain business for ~$132.3M. The merger overhang dominates the stock's value — a pending take-private at a fixed price caps upside and makes quarterly fundamentals secondary.
Key Financial Metrics
Key Facts
- Q2 2026 consolidated revenue $438.0M, up 8.7% YoY from $402.8M; H1 revenue $811.9M, up 10.2%
- Q2 income (loss) from continuing operations was $(10.0)M vs +$6.3M a year ago; consolidated net loss $(5.0)M vs +$10.6M prior-year profit
- Q2 Adjusted EBITDA $143.4M, up 11.6% YoY; AFFO $44.9M, up 61.6% YoY
- America segment revenue +7.0% to $324.3M; Airports revenue +14.0% to $113.6M, boosted by 2026 FIFA World Cup advertising
- On Feb 9, 2026, entered definitive agreement to be acquired by Mubadala Capital consortium for $2.43/share in cash; stockholders approved May 12, 2026; expected close by end of Q3 2026
- Completed sale of Spain business Aug 4, 2026 for ~$132.3M; proceeds to reduce debt
- Total debt $5.11B vs cash $202.3M; next significant maturities $899.3M of 7.750% Senior Notes and $425.0M term loan in 2028
- No earnings call or financial guidance provided due to pending merger
- Operating cash flow H1 2026 $47.8M includes $12.2M merger transaction costs
Financial Impact
Solid revenue growth (+8.7% Q2) and Adjusted EBITDA (+11.6%), but GAAP net loss of $(5.0)M in the quarter; pending take-private is $2.43/share cash, implying ~$1.2B equity value; Spain divestiture $132.3M
Risk Factors
- Merger may not close on time or at all; CFIUS and other regulatory approvals still pending
- Heavy debt load of ~$5.1B with $197M cash interest due in H2 2026 — refinancing risk if deal breaks
- If the deal fails, stock trades on fundamentals with a $1.2B market cap and strained balance sheet
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302843068 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 15-12G | — | awaiting T+60 | — | — |
Oct 16, 2026 10d ago | SC 13D/A | $2.43 | awaiting T+60 | — | — |
Oct 16, 2026 11d ago | SC 13D/A | $2.43 | awaiting T+60 | — | — |
Oct 16, 2026 11d ago | 8-K/A | $2.43 | awaiting T+60 | — | — |
Oct 15, 2026 12d ago | 25-NSE | $2.43 | awaiting T+60 | — | — |
Oct 14, 2026 13d ago | 8-K | $2.43 | awaiting T+60 | — | — |
Aug 9, 2026 11w ago | Institutional Cluster | $2.41 | awaiting T+60 | — | — |
Aug 5, 2026 11w ago | Press Release | $2.42 | awaiting T+60 | — | — |
May 18, 2026 23w ago | 8-K | $2.39 $2.32 | ▼ −2.93% | ▼ −9.22% | — |
Apr 13, 2026 28w ago | DEFA14A | $2.38 $2.41 | ▲ +1.26% | ▼ −7.66% | — |
US Market Status
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