He’s an individual who rose to prominence in broadcast media six years ago when selected to succeed Vince Sadusky as Chief Executive Officer of Univision Communications. The naming of ex-Viacom Chief Financial Officer Wade Davis as the new head of the nation’s top Spanish-language multimedia company was part of a privatization effort from Davis-aligned groups SearchLight Capital Partners and ForgeLight.
By September 2024, Davis had relinquished the CEO role at what had become TelevisaUnivision, after bringing Univision and Mexican media Goliath Televisa together in marriage. Now, Davis has reemerged with another notable privatization, and it involves an arm once tied to the biggest owner of broadcast radio stations in the U.S.
Clear Channel Outdoor Holdings Inc., traded on NYSE and a former unit of iHeartMedia predecessor Clear Channel Communications, has signed a definitive agreement to be acquired by Mubadala Capital, in partnership with TWG Global.
It was an all-cash transaction, and it values Clear Channel at an enterprise value of $6.2 billion.
“The transaction represents a significant milestone in Clear Channel’s transformation, creating a streamlined and nimble ownership structure, supported by long-term capital from Mubadala Capital,” San Antonio-headquartered Clear Channel Outdoor said. “With approximately $3 billion of equity capital committed, this investment is expected to enhance the Company’s financial flexibility, support ongoing deleveraging efforts, and reposition it to pursue new avenues of growth.”
Davis partnered with Mubadala Capital and TWG on the transaction. And, he is expected to join Clear Channel as Executive Chairman. Newlight Partners is serving as a strategic partner to Mubadala Capital on the transaction.
Under the terms of the agreement, the investor group will acquire 100% of Clear Channel’s outstanding common stock, with Clear Channel’s common shareholders receiving $2.43 per share in cash. The per share purchase price represents a 71% premium to the Company’s unaffected share price of $1.42 on October 16, 2025, the last trading day prior to media reports regarding a potential transaction involving the company.
“We believe this transaction delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business, and positions Clear Channel for its next phase of long-term growth,” said Scott Wells, Chief Executive Officer of Clear Channel. “We appreciate that Mubadala Capital and TWG recognize the significant transformation our business has successfully undergone in recent years, and we look forward to partnering with them.”
Davis commented, “Clear Channel’s nationwide billboard network and airport inventory give us a unique platform to drive the transformation of the outdoor advertising industry … 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.”
Morgan Stanley & Co. LLC and Moelis & Company LLC are serving as financial advisors to Clear Channel, and Kirkland & Ellis LLP is acting as legal advisor to the Company.
Guggenheim Securities, LLC and J.P. Morgan Securities LLC are serving as financial advisors to Mubadala Capital. Freshfields is acting as legal advisor to Mubadala Capital.
