Clear Channel Outdoor Holdings Inc. (NYSE: CCO) announced that its 45-day go-shop period expired on March 26, 2026, at 11:59 p.m. New York time without receiving any competing acquisition proposals.

The go-shop period was part of a merger agreement dated February 9, 2026, under which Madison Parent Inc. will acquire Clear Channel Outdoor through its subsidiary Madison Merger Sub Inc. The transaction will result in Clear Channel Outdoor becoming a wholly owned subsidiary of Madison Parent.

During the go-shop period, Clear Channel Outdoor's financial advisors Morgan Stanley & Co. LLC and Moelis & Company LLC contacted 46 potential bidders. Seven parties signed non-disclosure agreements and received non-public company information, but none submitted acquisition proposals or indicated interest in acquiring the company.

Following the expiration of the go-shop period, Clear Channel Outdoor is now subject to no-shop restrictions that limit its ability to solicit alternative acquisition proposals from third parties. The company can no longer provide non-public information to or engage in discussions with potential buyers, except under certain fiduciary-out provisions outlined in the merger agreement.

The merger remains subject to satisfaction or waiver of conditions set forth in the original agreement. Clear Channel Outdoor will continue as the surviving corporation under Madison Parent's ownership upon completion of the transaction.