CCO - Clear Channel Outdoor to divest its Switzerland business to Goldbach Group an affiliate of TX Group

• Clear Channel Outdoor ( NYSE: CCO ) agrees to sell its business in Switzerland to Goldbach Group AG, an affiliate of TX Group AG, for CHF 86.0M, or $92.7M.
• The company continues review of strategic alternatives for its European businesses.
• The company's Swiss business is expected to contribute ~$9.7M to Europe segment adjusted EBITDA for the full year ended December 31, 2022.
• The all-cash consideration represents a transaction multiple of approximately 9.5x Segment Adjusted EBITDA contribution.
• Net proceeds from the sale to improve its liquidity position and increase financial flexibility, subject to any limitations set forth in its debt agreements.
• The transaction is expected to close in the second or third quarter of 2023.
• There can be no assurance that the strategic review of our European businesses will result in any additional transactions or particular outcomes.

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