Clear Channel Outdoor is one of the largest out-of-home (OOH) advertising companies in the U.S., owning and operating a network of billboard and airport advertising displays across 81 U.S. markets. The company operates two segments: America (~75% of revenue), which covers roadside billboards and street furniture across 28 U.S. markets, and Airports (~25% of revenue), which covers advertising across more than 60 commercial airports. Clear Channel sells advertising space and time on these displays to national brands — typically through ad agencies — as well as local and regional businesses, with campaigns generally sold in four-week periods. Revenue is driven by occupancy, rate, and the mix between digital and printed displays. Digital displays, while only ~8% of total U.S. roadside inventory, generate roughly 44% of U.S. revenue because they rotate among multiple advertisers and support programmatic buying. Clear Channel's growth strategy centers on converting printed inventory to digital, expanding its RADAR data analytics platform to attract new advertiser verticals, and building out programmatic buying capabilities. The company has been divesting its international operations since 2021 to focus on the U.S. business. Clear Channel carries ~$5.7B in gross debt, making debt reduction a central financial priority alongside digital investment. A take-private merger led by Mubadala Capital, announced in February 2026, is expected to close by end of Q3 2026.