As described in the 2025 Form 10-K, the Company sold its former Europe-North segment and Latin American businesses in 2025. During the six months ended June 30, 2026, the Company paid $4.5 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 “Proceeds from 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 entered into a definitive agreement to sell its business in Spain, and the business remained classified as held for sale as of June 30, 2026. On August 4, 2026, the Company completed the sale of this business for a purchase price of approximately $132.3 million. Final net proceeds remain subject to certain customary post-closing adjustments and the payment of transaction-related fees and expenses. The Company expects to recognize a gain on sale during the third quarter of 2026.

As of June 30, 2026 and December 31, 2025, assets and liabilities of discontinued operations relate solely to the Company’s former business in Spain. The related assets and liabilities are presented as current in the Consolidated Balance Sheets.


(In thousands)	June 30, 2026		December 31, 2025
Assets of discontinued operations:
Cash and cash equivalents	$	10,143	$	21,115
Accounts receivable, net	40,604		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 assets	61,385		61,131
Other assets	5,125		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 liabilities	59,085		60,156
Deferred revenue	1,282		1,420


Other liabilities	1,541		1,586

Current liabilities of discontinued operations on Consolidated Balance Sheets	$	90,348	$	99,309

As of June 30, 2026, the Company had an outstanding letter of credit of $7.0 million and bank guarantees of $9.0 million, both related to its former business in Spain, which were supported by $0.7 million in cash collateral. On August 4, 2026, the Company completed the sale of this business. The related letter of credit was canceled, and the related bank guarantees are expected to be transferred to the buyer.


	Three Months Ended				Six 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 taxes	8,593		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

(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.

(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.