Mubadala Capital, the global alternative asset management platform, has agreed to acquire out-of-home (OOH) advertising company Clear Channel in a $6.2 billion deal, in partnership with TWG Global.
The transaction marks a significant milestone in Clear Channel’s ongoing transformation, replacing its current ownership with a more streamlined structure backed by long-term capital. The new ownership is expected to provide the company with greater strategic flexibility as it continues to reposition the business.
Clear Channel, one of the largest operators in the OOH advertising market, has been working to strengthen its balance sheet in recent years. The investment from Mubadala Capital is expected to enhance the company’s financial flexibility, support ongoing deleveraging efforts and enable it to pursue new growth opportunities across its portfolio.
As part of the transaction, Wade Davis, a media and technology veteran who partnered with Mubadala Capital and TWG Global on the acquisition, is expected to join Clear Channel as executive chairman. Davis is set to play a key role in guiding the company through its next phase, bringing extensive experience across media, technology and investment.
He said: “Clear Channel’s nationwide billboard network and airport inventory give us a unique platform to drive the transformation of the outdoor advertising industry,
“In partnership with Mubadala Capital and TWG, I look forward to working with management to continue investing in data, measurement and transaction platforms, and unlocking the true potential of this powerful medium to drive meaningful outcomes for agencies and advertisers.”
The acquisition underscores continued investor interest in the OOH advertising sector, as brands seek greater visibility in physical environments alongside digital channels.
The transaction is expected to close by the end of the third quarter of 2026, subject to customary regulatory approvals and closing conditions.