v3.26.1
DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 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)
June 30,
2026
December 31,
2025
Assets of discontinued operations:
Cash and cash equivalents$10,143 $21,115 
Accounts receivable, net40,604 45,455 
Prepaid expenses and other current assets
6,641 9,668 
Property, plant and equipment, net
63,375 60,916 
Operating lease right-of-use assets61,385 61,131 
Other assets5,125 4,424 
Current assets of discontinued operations on Consolidated Balance Sheets
$187,273 $202,709 
Liabilities of discontinued operations:
Accounts payable and accrued expenses
$28,440 $36,147 
Operating lease liabilities59,085 60,156 
Deferred revenue1,282 1,420 
Other liabilities
1,541 1,586 
Current liabilities of discontinued operations on Consolidated Balance Sheets
$90,348 $99,309 
The following table presents the major components of income from discontinued operations:
Three Months EndedSix Months Ended
(In thousands)June 30,June 30,
2026(1)
2025(2)
2026(1)
2025(3)
Revenue$32,242 $42,579 $58,895 $216,505 
Expenses:
Direct operating expenses
18,192 23,585 38,562 153,407 
Selling, general and administrative expenses
4,360 7,119 9,492 43,822 
Corporate expenses
17 1,050 44 10,221 
Interest expense (income), net(4)
(38)(137)(107)7,223 
Other expense (income), net(5)
1,118 (3,505)2,009 7,532 
Income (loss) from discontinued operations before net gain (loss) on sold and held-for-sale businesses and income taxes8,593 14,467 8,895 (5,700)
Gain (loss) on sold and held-for-sale businesses, net(6)
(193)(7,641)290 131,973 
Income tax expense attributable to discontinued operations(3,362)(2,508)(2,694)(3,440)
Income from discontinued operations, net of income taxes$5,038 $4,318 $6,491 $122,833 
(1)Discontinued operations for the three and six months ended June 30, 2026 include results from the Company’s former business in Spain (sold on August 4, 2026).
(2)Discontinued operations for the three months ended June 30, 2025 include results from the Company’s former business in Spain and its former business in Brazil (sold on October 1, 2025).
(3)Discontinued operations for the six months ended June 30, 2025 include results from the Company’s former businesses in Spain and Brazil, its former Europe-North segment through its date of sale (March 31, 2025), and its former businesses in Mexico, Peru and Chile through their date of sale (February 5, 2025).
(4)Interest expense, net, for the six months ended June 30, 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.
(5)Other expense, net, for the three and six months ended June 30, 2026 primarily consists of transaction costs related to the Spain sales process. Other expense (income), net, for the three and six months ended June 30, 2025 reflects transaction costs related to the international sales processes and foreign currency losses on intercompany notes, offset by net gains on the sale of operating assets. For the six months ended June 30, 2025, other expense, net, also includes a $5.4 million loss on debt extinguishment related to the prepayment of the CCIBV Term Loan Facility.
(6)For the three and six months ended June 30, 2026, the Company recognized a net loss of $0.2 million and a net gain of $0.3 million, respectively, primarily related to post-closing transaction costs and purchase price adjustments associated with the dispositions of its former Latin American businesses and Europe-North segment. For the three months ended June 30, 2025, the Company recognized a loss of $7.6 million related to its former business in Brazil and the sales of its other former Latin American and Europe-North segment businesses. For the six months ended June 30, 2025, the Company recognized a net gain of $132.0 million from the sales of its former Latin American businesses and Europe-North segment, partially offset by a loss related to its former business in Brazil.
The following table presents capital expenditures for discontinued operations:
Three Months EndedSix Months Ended
(In thousands)June 30,June 30,
2026202520262025
Capital expenditures(1)
$2,145 $3,727 $5,588 $16,022 
(1)In addition to capital expenditures paid during the reported periods, the Company had accrued but unpaid capital expenditures for discontinued operations of $0.8 million and $1.3 million as of June 30, 2026 and 2025, respectively.