Clear Channel Outdoor Holdings, Inc. Extends Existing Shareholder Rights Plan
SAN ANTONIO May 14, 2021 Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the Company) announced
today that its board of directors (the Board) unanimously approved an amendment to the Companys existing shareholder rights plan (the Rights Plan) pursuant to which the expiration date has been extended from today to
April 15, 2022. All other terms and conditions of the Rights Plan adopted in May 2020 remain unchanged.
The Board approved the 11-month extension to the Rights Plan to protect the interests of all Company shareholders. In approving the extension, the Board considered the heightened potential for one or more persons or groups to gain undue
influence over or control of the Company through open market accumulation, seek to acquire control of the Company without paying an appropriate control premium, or employ other coercive tactics in light of, among other things, the substantial
ongoing impact of the COVID-19 pandemic on the Companys global business, the Companys stock price, which is trading below pre-pandemic prices, and the
continued accumulation of the Companys shares by various non-passive parties.
The Rights Plan is designed
to allow the Companys shareholders to realize the expected benefits of the long-term value of their investment by reducing the likelihood that any person or group would gain control of the Company through open market accumulations without
appropriately compensating all shareholders for such control or providing the Board sufficient time to make informed judgments. The Rights Plan is not intended to prevent or interfere with any action with respect to the Company that the Board
determines to be in the best interests of shareholders.
The Board may consider an earlier termination of the rights plan if market and other conditions
Additional details regarding the amendment to the Rights Plan will be contained in a Form 8-K to
be filed by the Company with the U.S. Securities and Exchange Commission.
About Clear Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the worlds largest outdoor advertising companies with a diverse portfolio of more than 500,000
print and digital displays in 31 countries across North America, Europe, Latin America and Asia, reaching millions of people monthly. A growing digital platform includes more than 17,000 digital displays in international markets and more than 2,000
digital displays (excluding airports), including more than 1,400 digital billboards, in the U.S.
Comprised of two business divisions Clear Channel
Outdoor Americas (CCOA), the U.S. and Caribbean business division, and Clear Channel International (CCI), covering markets in Europe, Latin America and Asia CCO employs approximately 4,700 people globally. More information is available at
investor.clearchannel.com, clearchanneloutdoor.com and clearchannelinternational.com.
For further information, please contact:
Vice President - Investor Relations