As described in the 2025 Form 10-K, the Company sold its former Europe-North segment and Latin American businesses in 2025. During the three months ended March 31, 2026, the Company paid $3.9 million of transaction-related costs and final post-closing adjustments primarily associated with the Company’s Latin American business dispositions, which reduced net cash proceeds from those transactions. These payments are reflected within “Sales of businesses and/or assets, net of direct costs to sell and cash sold” in investing activities in the Consolidated Statements of Cash Flows.

In 2025, the Company also entered into a definitive agreement to sell its business in Spain for an aggregate purchase price of €115 million, subject to certain customary adjustments. The business remains classified as held for sale as of March 31, 2026, and the transaction is expected to close in the second quarter of 2026, upon satisfaction of required regulatory approvals.

As of March 31, 2026 and December 31, 2025, assets and liabilities of discontinued operations relate solely to the Company’s business in Spain, which remains classified as held for sale. The related assets and liabilities are presented as current in the Consolidated Balance Sheets.


(In thousands)	March 31, 2026		December 31, 2025
Assets of discontinued operations:
Cash and cash equivalents	$	13,033	$	21,115
Accounts receivable, net	30,763		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 assets	56,331		61,131
Other assets	4,688		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 liabilities	55,233		60,156
Deferred revenue	1,294		1,420


Other liabilities	1,560		1,586

Current liabilities of discontinued operations on Consolidated Balance Sheets	$	86,880	$	99,309

As of March 31, 2026, the Company had an outstanding letter of credit of $7.0 million and bank guarantees of $9.1 million, both related to its business in Spain, which were supported by $0.7 million in cash collateral.


	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 taxes		302		(20,167)
Gains on sold or held-for-sale businesses(5)		483		139,614
Income tax benefit (expense) attributable to discontinued operations		668		(932)
Income from discontinued operations, net of income taxes		$	1,453	$	118,515

(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.

(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.