Intermoney | Atresmedia (Buy, PO €6.3) announced yesterday to the National Securities Market Commission (CNMV), with the market open, that it has signed an agreement with Clear Channel Outdoor Holdings, Inc. to acquire its business in Spain by purchasing 100% of the share capital of Clear Channel Spain, a company dedicated to outdoor advertising. The purchase price envisaged in the transaction amounts to €115 million. The acquisition of Clear Channel is subject to obtaining the relevant authorisations, which are expected to be obtained in the coming months (early 2026).
Clear Channel is present in the main Spanish cities and, since 2021, has grown by 14% to exceed €100 million in revenue in 2024, with an EBITDA of €18 million. It has a workforce of 200 people in Spain, with offices in Madrid, Barcelona, Valencia, Seville, Malaga and Zaragoza, and 39,000 outdoor advertising media throughout Spain, 40% of which are digitised.
Assessment: positive from a strategic point of view, as the operation allows Atresmedia to increase its diversification, expanding its presence in the field of outdoor advertising and integrating one of the most important and experienced operators in the sector. The incorporation of CLEAR CHANNEL also represents a strategic opportunity for growth in the digital arena, by taking advantage of the technological transformation of outdoor media and its capacity to generate new innovative solutions for advertisers and customers. While TV advertising fell by 5.9% in H1 2025, outdoor advertising grew by 9.7% and radio advertising, where Atresmedia also has a presence, grew by 2.5%. Thus, although audiovisual advertising remains the group’s main source of revenue (77% of the total in H1 2025, and 65% if we consider only TV advertising), Atresmedia continues to progressively diversify into higher-growth segments.
This is the second acquisition of the year, following the purchase in July, for €17.3 million, of 75% of the capital of Last Lap, a company dedicated to the promotion, organisation, execution and communication of all kinds of events, mainly sporting events, such as the San Silvestre Vallecana road race.
At the end of the first half of the year, it had €65.4 million in net cash, after paying €106 million in supplementary dividends in June. Its forecast was to close the year with net cash of €50-70 million, including the payment of an interim dividend in December and the investment made in July to purchase 75% of Last Lap’s capital. As the purchase of Clear Channel is not expected to be completed before the end of the year, this net cash forecast should not change. Looking ahead to next year, given its net cash position and high cash generation capacity (we estimate free cash flow of around €110 million per year), we see no problem for the company to maintain its dividend policy (payout of at least 80% of profit) despite the acquisitions.
