Wade Davis, founder of ForgeLight LLC, steps in as the new Chief Executive Officer and Executive Chairman, replacing Scott Wells. Wells, who presided over the company during the transition, will remain in an advisory capacity to assist with the handover. Joining the executive ranks is John Halley, formerly of Paramount Global, who assumes the role of Chief Commercial Officer to steer the company’s commercial strategy.
In section Releases
Mubadala Capital Finalizes $6.2 Billion Acquisition of Clear Channel
With regulatory hurdles cleared and shareholder approval secured, Mubadala Capital has finalized its $6.2 billion acquisition of Clear Channel Outdoor Holdings. The deal marks a major consolidation in the out-of-home advertising sector, triggering an immediate leadership overhaul and the delisting of the company from the New York Stock Exchange.
Clear Channel’s exit from the public markets follows the completion of the transaction, ending its tenure on the New York Stock Exchange. The company, which operates an expansive network of digital billboards and programmatic advertising assets, will now function under the private ownership of the global alternative asset manager. Mubadala Capital, a subsidiary of Mubadala Investment Company, manages a vast portfolio of global assets and brings significant capital backing to Clear Channel’s ongoing push into data-driven, measurable out-of-home advertising campaigns.
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