06:01 PM EDT, 03/31/2025 (MT Newswires) -- Clear Channel Outdoor ( CCO ) said Monday it has closed the Europe-North segment sale of its businesses to Bauer Radio, a subsidiary of Bauer Media Group, for $625 million.

The firm said the proceeds will be used to help repay its debt.

"We remain optimistic about divesting our businesses in Spain and Brazil based on their strong performances in 2024," said Chief Executive Officer Scott Wells.

"Our priorities remain to reduce leverage, improve our balance sheet and enhance shareholder value."