Clear Channel Outdoor Holdings is to see its European-North business to a subsidiary of Bauer Media Group.

Its agreed the $625m all-cash deal as it seeks to reposition its business.

“This agreement to sell our Europe-North segment is another significant step in the execution of our strategic plan to optimise our portfolio and focus on growing our America and Airports segments to organically improve cash flow and reduce leverage on our balance sheet,” said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. 

“I want to thank our team for their hard work in helping us reach this agreement. Upon completion of this transaction, we will have divested the substantial majority of our European operations.”

Yvonne Bauer, Chair of the Bauer Media Board added: 

“This acquisition represents a pivotal step in advancing our Group’s refocused strategy. By enhancing our core media and related businesses while driving forward our digital transformation, this move broadens our capabilities and strengthens our position as a major player in the highly competitive media industry.  We look forward to welcoming the 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.”

The deal is expected to close this year.

“We look forward to joining Bauer Media Group to build upon the strong foundation that we have established in these European markets as a part of Clear Channel Outdoor,” stated Justin Cochrane, Chief Executive Officer of Clear Channel Outdoor UK & Europe.

“The consistent top-line performance of our Europe-North assets year-to-date underscores the growing demand in these markets and the dedication.”