Ares Supports Sale of Clear Channel Outdoor to Mubadala and TWG Global

Paul, Weiss is advising funds affiliated with Ares Management LLC, a major shareholder in Clear Channel Outdoor, in connection with Clear Channel’s sale to Mubadala Capital, in partnership with TWG Global, for an enterprise value of $6.2 billion. Clear Channel is a leader in U.S. out-of-home advertising. The all-cash transaction, announced on February 9, is expected to close by the end of the third quarter of 2026, subject to customary closing conditions.

The Paul, Weiss team is led by corporate partners Michael Vogel, Lara Solomons and Kenneth Schneider, and includes partner Thomas de la Bastide; and tax partner Scott Sontag.