v3.26.1
DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Major Classes of Assets and Liabilities Reflected in Discontinued Operations
The following table presents the carrying amounts of the major classes of assets and liabilities of discontinued operations:
(In thousands)
March 31,
2026
December 31,
2025
Assets of discontinued operations:
Cash and cash equivalents$13,033 $21,115 
Accounts receivable, net30,763 45,455 
Prepaid expenses and other current assets
9,366 9,668 
Property, plant and equipment, net
62,591 60,916 
Operating lease right-of-use assets56,331 61,131 
Other assets4,688 4,424 
Current assets of discontinued operations on Consolidated Balance Sheets
$176,772 $202,709 
Liabilities of discontinued operations:
Accounts payable and accrued expenses
$28,793 $36,147 
Operating lease liabilities55,233 60,156 
Deferred revenue1,294 1,420 
Other liabilities
1,560 1,586 
Current liabilities of discontinued operations on Consolidated Balance Sheets
$86,880 $99,309 
The following table presents the major components of income from discontinued operations:
Three Months Ended
(In thousands)March 31,
 
2026(1)
2025(2)
Revenue$26,653 $173,926 
Expenses:
Direct operating expenses
20,370 129,822 
Selling, general and administrative expenses
5,132 36,703 
Corporate expenses
27 9,171 
Interest expense (income), net(3)
(69)7,360 
Other expense, net(4)
891 11,037 
Income (loss) from discontinued operations before gains on sold or held-for-sale businesses and income taxes302 (20,167)
Gains on sold or held-for-sale businesses(5)
483 139,614 
Income tax benefit (expense) attributable to discontinued operations668 (932)
Income from discontinued operations, net of income taxes
$1,453 $118,515 
(1)Discontinued operations for the three months ended March 31, 2026 include results from the Company’s business in Spain.
(2)Discontinued operations for the three months ended March 31, 2025 include results from the Company’s business in Spain, its former Europe-North segment (sold on March 31, 2025), its former business in Brazil (sold on October 1, 2025), and its former businesses in Mexico, Peru and Chile through their date of sale (February 5, 2025).
(3)Interest expense (income), net, for the three months ended March 31, 2025 primarily relates to the term loans of Clear Channel International B.V. (“CCIBV”), an indirect wholly owned subsidiary of the Company. These term loans (the “CCIBV Term Loan Facility”) were fully prepaid on March 31, 2025 in connection with the sale of the Europe-North segment.
(4)Other expense, net, for the three months ended March 31, 2026 primarily consists of transaction costs related to the Spain sales process. Other expense, net, for the three months ended March 31, 2025 includes a $5.4 million loss on debt extinguishment related to the prepayment of the CCIBV Term Loan Facility, with the remaining expense primarily driven by foreign currency losses on intercompany notes.
(5)For the three months ended March 31, 2026, the Company recognized a gain of $0.5 million related to final purchase price adjustments for its former business in Brazil. For the three months ended March 31, 2025, the Company recognized gains of $70.7 million from the sale of its former businesses in Mexico, Peru and Chile, $66.5 million from the sale of its former Europe-North segment businesses, and $2.5 million related to its former business in Brazil.
The following table presents capital expenditures for discontinued operations:
Three Months Ended
(In thousands)March 31,
 20262025
Capital expenditures(1)
$3,443 $12,295 
(1)In addition to capital expenditures paid during the reported periods, the Company had accrued but unpaid capital expenditures for discontinued operations of $1.4 million and $1.6 million as of March 31, 2026 and 2025, respectively.