Clear Channel Outdoor Holdings, Inc. provides out-of-home advertising solutions.
By leveraging the scale, reach, and flexibility of its diverse portfolio of assets — including roadside billboards, street furniture, and airport displays — the company connects advertisers with millions of consumers every month.
As of December 31, 2024, the company also classified the Europe-North segment businesses as discontinued operations.
On January 8, 2025, the company entered into a definitive agreement t...
Clear Channel Outdoor Holdings, Inc. provides out-of-home advertising solutions.
By leveraging the scale, reach, and flexibility of its diverse portfolio of assets — including roadside billboards, street furniture, and airport displays — the company connects advertisers with millions of consumers every month.
As of December 31, 2024, the company also classified the Europe-North segment businesses as discontinued operations.
On January 8, 2025, the company entered into a definitive agreement to sell the businesses in its Europe-North segment to Bauer Radio Limited, a subsidiary of Bauer Media Group.
On February 5, 2025, the company completed the sale of its businesses in Mexico, Peru, and Chile to Global Media US LLC in a simultaneous sign-and-close transaction.
The company operates in the U.S., with operations in various Designated Market Areas (‘DMAs’), including some of the top 50 U.S. markets, as of December 31, 2024.
Strategy
The company is focused on driving incremental demand for sustainable long-term revenue growth, while increasing operational efficiencies to enhance profitability, improve operating cash flow, and reduce leverage. Its strategy centers on accelerating digital transformation, which includes growing its digital footprint, enhancing its RADAR offering, building on its programmatic presence, and digitizing its operations, as well as prioritizing customer-centricity.
Segments
The company now operates two reportable business segments: America (the U.S. operations excluding airports) and Airports (the U.S. and Caribbean airport operations).
America and Airports
As of December 31, 2024, the company's America segment operated more than 48,700 displays across some U.S. DMAs, primarily concentrated in larger markets. The largest revenue-generating product in this segment is large-format billboards, typically located along major expressways, primary commuting routes, and main intersections. The company benefits from certain barriers to entry in traditional roadside advertising, including regulations that limit permits for new billboard inventory, its operational expertise, and strong relationships with landlords and local governments. The America segment contributed 76% of its revenue from continuing operations in 2024.
As of December 31, 2024, the company's Airports segment operated more than 13,100 displays across nearly 200 commercial and private airports in the U.S. and the Caribbean, making it an airport advertising provider in the U.S. Its contracts generally include exclusivity provisions, granting it the sole right to sell advertising at specific airports. The Airports segment contributed 24% of its revenue from continuing operations in 2024.
Sources of Revenue
America
Billboards: Includes the following sub-types:
Bulletins: Large, high-traffic displays (typically 14x48 feet) generally located along major expressways and primary commuting routes that are visible.
Posters: Smaller displays (typically 11x23 feet) often used to provide full market coverage, generally located in commercial areas along primary and secondary routes, oftentimes near point-of-purchase locations. Junior posters (5x11 feet) are typically placed near retail outlets to drive sales. Premiere Panels are hybrid displays that combine the creative impact of bulletins with the reach and frequency of posters, featuring high-quality vinyl stretched over panels similar to bulletins.
Spectaculars and Wallscapes: Spectaculars are large, custom displays with eye-catching effects, such as video, three-dimensional elements, and moving parts, located primarily in New York City’s Times Square and Las Vegas. Wallscapes are large, custom-designed displays on building sides or other structures, often becoming city landmarks. Most are located in Los Angeles and Times Square.
Street Furniture: Advertising surfaces on bus shelters, kiosks, news racks, and other public structures, primarily in metropolitan areas and along major commuting routes, typically sold as a network package that includes multiple displays.
Other: Includes fees for creative and operational services, such as ad design, printing, and installation; revenue from transit displays in rail stations and on buses, trains, and trams; and non-advertising revenue.
Airports
The company's Airports segment offers advertising opportunities at nearly 200 commercial and private airports in the U.S. and the Caribbean, targeting travelers at key touchpoints throughout their journey. Displays are available in printed, digital, and experiential formats, including custom exhibits and interactive displays. Customer contracts typically range from four weeks to one year, with some lasting longer.
Revenue from the Airports segment, with digital displays accounting for 57% of the revenue in 2024. As of December 31, 2024, the Airports segment had 13,141 displays, including 2,610 digital displays.
Rates
The company's advertising rates are determined by factors, such as location, demand, competition, display size, occupancy, illumination, market, and gross rating points, which measure the total number of impressions delivered by a display or group of displays, expressed as a percentage of market population. Impressions are measured by independent organizations using a range of dynamic data sources, including anonymous location and trip data from smartphones, to estimate the number of people passing a display within a defined period and provide insights into their demographics. Billboards typically have higher margins than other display types due to their larger size, greater impact, and prime locations along major roadways.
Operations
The company generally outsources the fabrication and manufacturing of advertising structures to third parties, regularly seeking competitive bids from vetted suppliers located throughout the U.S. to enhance competition, meet demand, and reduce logistics costs. For digital displays, it uses a number of vetted domestic suppliers for LED and LCD products, with any items not manufactured domestically purchased through a number of U.S. distributors. Product installation is handled by a mix of internal and external resources.
Printed advertising copy, which is often provided by the advertiser or a third party, is primarily printed on vinyl or polyethylene material and transported to the display site for installation. Digital displays are connected to centralized systems to quickly update content across multiple locations. The company also conducts visual inspections of its inventory to identify and address defects within a reasonable period of time.
America
Most of the company’s billboard structures require permits for construction, maintenance, and operation, which are typically granted by state and/or local governments. These permits are usually transferable or renewable for a minimal fee or no fee. The company typically owns the physical structures and manages their construction centrally, placing them on sites it leases, owns, or for which it has acquired permanent easements or executed long-term management agreements. Lease terms generally range from one to twenty years, with many offering renewal options.
The company is also generally responsible for constructing and maintaining street furniture structures. Its rights to place and sell advertising on these structures are governed by contracts with municipal and transit authorities, which are awarded through competitive bidding processes governed by local law. The company compensates the municipal and transit authorities with a minimum fee and/or a share of advertising revenue, depending on the contract terms.
Airports
The company’s rights to place displays and sell advertising at airports are typically awarded by public transit authorities in competitive bidding processes negotiated with private transit operators. These contracts generally have terms from five to ten years. The company compensates the transit authorities and operators with a minimum fee and/or a share of advertising revenue earned, depending on the contract terms.
Other
Operations in Latin America (Mexico, Brazil, Chile, and Peru) generated revenue in 2024 primarily from billboards and street furniture advertising. These operations were classified as discontinued as of December 31, 2024.
Revenue from Singapore was nominal in 2024 following the loss of a contract that ended previously, but the company continues to operate this business at a reduced scale and explore new revenue opportunities.
Seasonality
The company's financial performance across all reportable segments is typically weakest in the first quarter, both in terms of revenue and Segment Adjusted EBITDA, with the strongest results generally occurring in the fourth quarter (year ended December 31, 2024).
History
The company was incorporated in 1995. The company was formerly known as Eller Media Company and changed its name to Clear Channel Outdoor Holdings, Inc. in August 2005.