Clear Channel Outdoor (CCO) Grows Fastest Right Before Going Private

On August 5, Clear Channel Outdoor Holdings Inc. (NYSE: CCO ) reported second-quarter results that showed the billboard and airport advertising company accelerating just as it prepares to leave the public markets. On February 9, Clear Channel agreed to be acquired by an investor consortium advised by Mubadala Capital for $2.43 per share, a deal stockholders approved on May 12, and one expected to close by the end of the third quarter of 2026. Because of the pending Merger, Clear Channel skipped its usual earnings call and offered no forward guidance.

Consolidated revenue climbed 8.7% to $438.0 million in the quarter and 10.2% to $811.9 million over the first half, with the 2026 FIFA World Cup pulling in extra advertising spend across both of Clear Channel's segments. The America division, which houses the roadside billboard and street furniture business, grew revenue 7% to $324.3 million as demand from technology advertisers in the San Francisco/Bay Area market broadened out and digital billboard revenue rose 7.2% to $122 million. Airports revenue jumped 14% to $113.6 million, helped by strong demand at San Francisco

International Airport and digital sales that climbed 15.6% to $73.4 million, with national advertisers now accounting for 57.8% of that segment's revenue. Profitability grew even faster than the top line. Adjusted EBITDA rose 11.6% to $143.4 million for the quarter and 19% to $247.3 million for the first half, while Airports Segment Adjusted EBITDA jumped 22.8% to $29.9 million. Adjusted Funds From Operations climbed 61.6% to $44.9 million in the quarter, and for the first half it went from just $5 million a year ago to $51.5 million. On August 4, Clear Channel also closed the sale of its Spain business for about $132.3 million, proceeds it plans to put toward paying down debt.

The growth did not reach the bottom line. Clear Channel posted a loss from continuing operations of $10 million in the quarter, reversing a $6.3 million profit a year earlier, and the consolidated net loss came to $5 million versus net income of $10.6 million in the same period of 2025. Over six months, the loss from continuing operations widened 21.4% to $59.4 million. Costs rose alongside revenue. Direct operating and SG&A expenses increased 5.9% for the quarter, and Airports site lease expense alone jumped 12.0% to $67.1 million on higher minimum guaranteed payments and the renewed contract with the Metropolitan Washington Airports Authority.