Clear Channel Outdoor Holdings, Inc. (CCO): Business Model Canvas [Dec-2025 Updated]

As a seasoned analyst, you know that understanding a company's true structure means looking past the stock ticker, and for Clear Channel Outdoor Holdings, Inc., that structure is currently defined by a high-stakes trade-off: managing $\mathbf{\$5.067}$ billion in debt while aggressively digitizing its vast U.S. real estate. We see the immediate opportunity in their digital acceleration-the Airports segment saw digital revenue jump $\mathbf{37.4\%}$ in Q3 2025-but we also have to weigh that against massive fixed costs, like the $\mathbf{\$94.1}$ million in site lease expenses reported for Q2 2025. This Business Model Canvas distills exactly how Clear Channel Outdoor Holdings, Inc. plans to convert its premium roadside and airport assets, which generated $\mathbf{\$310}$ million in America segment revenue that same quarter, into a more resilient, data-driven business, so dive in to see the nine critical components.

Clear Channel Outdoor Holdings, Inc. (CCO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power Clear Channel Outdoor Holdings, Inc.'s (CCO) revenue engine as of late 2025. These aren't just casual agreements; they are long-term, high-value contracts that secure premium, often exclusive, advertising real estate across the U.S.

Long-term contracts with major U.S. airports (e.g., BUR, Reagan National)

The airport division is a clear growth driver. The partnership with the Metropolitan Washington Airports Authority (MWAA) for Washington Dulles International and Reagan National Airports (DCA/IAD) was recently renewed for a new 10-year term, starting March 1, 2026, with an option for an additional five years. This deal mandates achieving 85% digital advertising coverage within two years. For context, the Hollywood-Burbank Airport (BUR) agreement already features a nearly 100% digital platform. This focus on digital is paying off; the Airports segment saw 16.1% revenue growth year-over-year in the third quarter of 2025, contributing $95.61 million in revenue for that period alone. Before the pandemic, Clear Channel Outdoor Holdings increased media revenues at these airports by 30% compared to the previous contractor, nearly doubling that prior contractor's revenue.

Metropolitan Transportation Authority (MTA) for roadside billboard inventory

The 15-year contract with the Metropolitan Transportation Authority (MTA) is foundational for the America segment's roadside business. This agreement covers the management and operation of over 250 roadside Out-of-Home (OOH) advertising displays across the New York, New Jersey, and Connecticut Metro area, effective November 1, 2024. The revenue from this deal, alongside other digital growth, helped the America segment post a 5.9% revenue increase in Q3 2025. Management has stated that the new inventory under the MTA contract is 'on track to be cash flow positive in year one.'

Programmatic ad-tech partners for automated media buying

The integration with programmatic platforms is crucial for monetizing the growing digital footprint. In Q3 2025, digital revenue in the America segment grew 6.9% to $113.1 million. This reflects the success of automated buying channels, which were specifically called out for growth alongside national and local sales. In the Airports segment, digital revenue growth was even stronger, surging 31.5% year-over-year in Q2 2025 to reach $64 million.

Here's a quick look at how the key revenue-generating segments performed in Q3 2025:

Municipal and government entities for site leases and permits

Securing and maintaining sites involves significant agreements with local authorities. The expected increase in site lease expense, primarily related to the MTA roadside billboard contract, was noted as a factor impacting segment-adjusted EBITDA margin in Q1 2025. Strategically, Clear Channel Outdoor Holdings is simplifying its structure, having entered an agreement to sell its Spanish business for approximately $135 million in September 2025, focusing resources on these core U.S. government and municipal partnerships.

Non-profit organizations for community social responsibility (CSR) campaigns

• The company utilizes its digital platforms to support community initiatives, such as green messaging and interactive AR wayfinding for eco-conscious travelers at airports.

Clear Channel Outdoor Holdings, Inc. (CCO) - Canvas Business Model: Key Activities

You're looking at the engine room of Clear Channel Outdoor Holdings, Inc. (CCO) right now-the core things they absolutely must execute on to hit their 2028 targets. It's all about streamlining the portfolio and doubling down on tech in the U.S. market.

Completing international divestitures (e.g., Brazil sale for $15 million).

This is about shedding non-core assets to simplify and derisk the business, focusing squarely on the America and Airports segments. Clear Channel Outdoor Holdings, Inc. completed the sale of its business in Brazil on October 1, 2025, for approximately $15 million (R$80 million). That sale officially marked their exit from Latin America. Also, they entered an agreement to sell their business in Spain for approximately $135 million (€115 million), which is the final step for European divestitures, expected to close by early 2026. By the time the Spanish sale closes, the company will have completed international divestitures worth nearly $900 million. For context, as of Q2 2025, completed international sales totaled $745 million since 2023.

Strengthening the balance sheet via debt refinancing (e.g., August 2025 notes).

This activity is crucial for financial flexibility, as the company carries a significant debt load. On August 4, 2025, Clear Channel Outdoor Holdings, Inc. executed a major refinancing, issuing $2.05 billion in new senior secured notes. This was a two-part issuance designed to replace older, higher-cost debt and extend maturities. Here's the quick math on that refinancing:

The net proceeds, combined with cash on hand, were used to fully redeem $1.25 billion of the 5.125% Senior Secured Notes due 2027 and $750.0 million of the 9.000% Senior Secured Notes due 2028. This move extended the weighted average time to maturity to 4.8 years at the time of refinancing. Following this, the company anticipates future annualized cash interest payments of approximately $390 million.

Expanding the digital billboard and display network (digital conversion plan).

The focus here is on growing the high-margin U.S. assets, particularly the digital component. As of June 30, 2025, Clear Channel Outdoor operated more than 61,400 print and digital out-of-home advertising displays across 81 U.S. DMAs. The digital conversion is showing up clearly in the revenue figures:

• America segment digital revenue hit $113.8 million in Q3 2025, an 11.1% increase year-over-year.
• America segment digital revenue was $114 million in Q2 2025, up 6.4% from Q1 2025's $89.6 million.
• Airports segment digital revenue surged 37.4% in Q3 2025.
• Airports segment digital revenue was $63.5 million in Q2 2025, a 31.5% increase from the prior year's $48.3 million.

This digital growth is tied to key contracts, like the roadside billboard contract with the Metropolitan Transportation Authority (MTA).

Executing programmatic ad sales and leveraging the RADAR analytics platform.

This activity is about making the OOH medium more measurable and addressable, which is key to capturing broader ad spending. Clear Channel Outdoor Holdings, Inc. is actively working to scale programmatic buying and leverage its industry-leading RADAR analytics platform to deliver measurable campaigns. The success of this is evident in the digital revenue surge, as growth is driven by programmatic advertising and real-time data analytics. Furthermore, the RADAR platform has been integrated with Data Clean Room applications to allow brands to use their first-party data for campaign planning and attribution.

Managing and maintaining a vast portfolio of OOH advertising assets.

This involves the day-to-day operational costs and capital expenditures required to keep the entire network running and modernizing. Consolidated capital expenditures (CapEx) totaled $13 million for the quarter ended September 2025. For the first half of 2025, consolidated CapEx was $26,058 thousand (or about $26.1 million). The company expects full-year 2025 CapEx to be within $60 million to $70 million. Also, management has been focused on reducing overhead, eliminating approximately $35 million in annual corporate expenses by March 2025. Finance: draft 13-week cash view by Friday.

Clear Channel Outdoor Holdings, Inc. (CCO) - Canvas Business Model: Key Resources

You're looking at the hard numbers that back up Clear Channel Outdoor Holdings, Inc.'s (CCO) current operational strength. These are the tangible and intangible assets that form the foundation of their business model as we head into the end of 2025.

The physical and digital footprint remains central. Clear Channel Outdoor Holdings, Inc. owns and operates a vast network, which is now almost entirely focused on the U.S. market following recent international divestitures. This scale is a primary barrier to entry for competitors.

The proprietary data analytics platform, RADAR, is a key differentiator, especially as advertisers demand measurable ROI. The platform's effectiveness is being validated through external studies, showing tangible performance advantages over other media types.

• Proprietary data analytics platform, CCO RADAR, has been used to review thousands of measurement studies in collaboration with Kantar.
• The CCO Inflight Insights™ solution, built on the RADAR data platform, has produced visitation insights for more than 100 campaigns over the last two years.
• Out-of-Home advertising, as measured by these studies, showed a 13.3% increase in ad awareness compared to digital media, TV, and CTV.
• The company employs 4,100 total employees.

The value of the physical assets is tied directly to the long-term agreements securing premium real estate. For instance, site lease expenses for the America segment in Q2 2025 were $94.1 million, which the company noted was largely driven by the MTA contract. For the Airports segment, site lease expense was $59.9 million in the same quarter.

Here's a snapshot of the balance sheet and recent operational performance as of the latest reported figures:

The digital display infrastructure is a growing component of the asset base. The company is focused on expanding its digital billboard network. The Airports segment, which is heavily digitalized, saw its revenue increase by 15.6% in Q2 2025, reaching $100 million.

• America segment revenue for Q3 2025 was $310 million.
• Airports segment revenue for Q3 2025 was between $119 million to $124 million (Q4 guidance range used as a proxy for late-year activity, but Q3 actuals are $100 million).

The company has also been active in capital structure management, which directly impacts available cash resources. Following an August 2025 refinancing, the nearest debt maturity is now 2028. The company expects to achieve a net leverage ratio between 7x to 8x by year-end 2028, down from a previous level.

Clear Channel Outdoor Holdings, Inc. (CCO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why advertisers choose Clear Channel Outdoor Holdings, Inc. (CCO) right now, late in 2025. It's all about proving impact and maximizing reach in a media landscape that demands accountability. The value propositions are grounded in their U.S.-focused portfolio and digital advancements.

Delivering measurable campaigns via data and programmatic capabilities.

The days of just putting up a billboard and hoping for the best are over. Clear Channel Outdoor Holdings, Inc. is pushing measurement hard, especially with tools like CCO Inflight Insights™. This solution, built on their CCO RADAR® data platform, gives clients weekly reports on campaign impact, including store visits, audience segments, and the time of day visits occur. This level of insight helps advertisers optimize campaigns while they are still running, which is crucial for competing against pure-play digital budgets. The market is responding; in the third quarter of 2025, growth was noted across digital and programmatic sales categories in key markets like New York and San Francisco.

Access to premium, high-dwell-time audiences (Airports segment).

The Airports segment is a clear differentiator, offering access to captive audiences. As of September 30, 2025, Clear Channel Outdoor Holdings, Inc. operated displays across nearly 200 commercial and private airports in the U.S. and the Caribbean. This premium inventory is driving serious revenue growth. For the third quarter of 2025, the Airports segment revenue jumped 16.1% year-over-year, reaching $95.61 million. Honestly, the digital revenue growth in this segment was even more impressive, surging 37.4% in the same period, showing how effectively they are monetizing that high-dwell-time environment.

Scale and reach across the fragmented U.S. visual media market.

Scale is still king in out-of-home (OOH) advertising, and Clear Channel Outdoor Holdings, Inc. has consolidated a significant footprint as they focus on being a U.S. pure-play business. As of September 30, 2025, the company operated more than 61,200 print and digital out-of-home advertising displays. This reach covers 81 Designated Market Areas (DMAs) in the U.S., which includes 43 of the top 50 U.S. markets. This broad, yet targeted, presence helps them connect with millions of consumers monthly.

Dynamic, flexible content delivery through digital displays.

Flexibility is delivered via their growing digital network. In the America segment alone, the count of digital billboards stood at 1,970 as of June 30, 2025. This digital capability allows for rapid content changes and dayparting that print cannot match. The financial results back this up: digital revenue in the America segment increased 11.1% in the second quarter of 2025. This shift to dynamic content is a core part of their strategy to compete for budgets traditionally going to digital media.

Unified creative execution across airport and roadside channels.

The value proposition is strengthened by delivering consistent performance across their two primary U.S. segments. You see this in the consolidated results, which show the combined strength of their roadside (America) and airport assets. For instance, in Q3 2025, consolidated revenue grew 8.1% year-over-year to $405.6 million. The America segment contributed $309.96 million (up 5.9%), while the Airports segment delivered $95.61 million (up 16.1%). This shows that their strategy to elevate their higher-margin U.S. assets is working cohesively.

Here's a quick look at the scale and financial momentum driving these value propositions as of late 2025:

The company is actively managing its capital structure, having recently issued notes to extend maturities to 2031 and 2033, while also pursuing international divestitures like the agreement to sell its Spanish business for approximately $134.9 million. This focus on deleveraging supports the long-term investment in their core U.S. assets and digital capabilities.

You can see the operational success reflected in the segment performance:

• America Segment Revenue (Q3 2025): $309.96 million, up 5.9% YoY.
• Airports Segment Digital Revenue (Q3 2025): Up 37.4% YoY.
• National Sales as % of America Revenue (Q2 2025): 33.7%.
• National Sales as % of Airports Revenue (Q2 2025): 59.3%.
• Corporate Expenses Reduction: On track to achieve $50 million in savings from the Investor Day plan.

Finance: draft the 13-week cash flow view incorporating the Q4 2025 revenue outlook by Friday.

Clear Channel Outdoor Holdings, Inc. (CCO) - Canvas Business Model: Customer Relationships

You're looking at how Clear Channel Outdoor Holdings, Inc. (CCO) manages its connections with the advertisers who buy its out-of-home inventory. It's a mix of high-touch service for the biggest players and tech-enabled efficiency for others.

Dedicated national sales teams for large, key accounts are clearly focused on the largest spenders, particularly in the Airports segment where national sales are a dominant driver of revenue. The structure supports these major relationships with dedicated focus.

The performance of these national teams is evident in the segment breakdowns from the third quarter of 2025:

Local sales teams driving consistent local revenue growth are the engine for the core America segment. This team has been remarkably consistent, achieving its 18th consecutive quarter of year-over-year local revenue growth as of the third quarter of 2025. To give you a concrete example of that local strength, local sales in the America segment were up 7.4% in the second quarter of 2025.

For smaller or more agile buyers, Clear Channel Outdoor Holdings is pushing automated self-service tools for programmatic buyers. This digital focus is showing up in the numbers, with Airports digital revenue surging by 37.4% to reach $57.9 million in the third quarter of 2025. The company is also using technology to make its existing sales force more effective.

The company's investments in technology are directly impacting relationship efficiency. For instance, the CEO noted that AI helped the inside sales team deliver a double-digit percent improvement in productivity.

The consultative, customer-centric approach to campaign planning is supported by data and technology deployment. This approach is designed to move beyond simple media buys to more sophisticated planning. Here's what that looks like in practice:

• Deploying large language models on activities like customer targeting.
• Using data analytics and go-to-market strategy to gain share, which was successful with pharma clients.
• Focusing on expanding digital footprint and data analytics capabilities to meet advertiser demands.

Clear Channel Outdoor Holdings, Inc. (CCO) - Canvas Business Model: Channels

You're looking at how Clear Channel Outdoor Holdings, Inc. (CCO) gets its advertising inventory in front of people right now, focusing on the physical and digital pathways they use to sell space. It's all about where the ads live and how they are sold as of late 2025.

America Segment: Traditional and digital roadside billboards

The America segment is the core business, dealing with the roadside inventory you see every day, plus some transit assets. This segment continues to show steady growth, largely powered by its digital upgrades.

For the second quarter of 2025, the America segment brought in revenue of $303 million. Within that, digital revenue was $114 million, marking an 11.1% year-over-year increase. Local sales growth was strong at 7.4% year-over-year in Q2 2025. To give you a sense of the sales mix, national sales accounted for 33.7% of the America segment's revenue in Q2 2025. By the third quarter of 2025, this segment's revenue growth was reported at 5.9% year-over-year. Management's guidance for the fourth quarter of 2025 projects America segment revenue between $322 million to $332 million.

A key part of this channel is the recent expansion in the New York area. Clear Channel Outdoor Holdings, Inc. took over management, operations, and advertising sales for more than 250 roadside displays on Metropolitan Transportation Authority (MTA) property in the NY/NJ/CT Metro area under a 15-year agreement that started November 1, 2024.

Airports Segment: Digital and static displays in major U.S. airports

The Airports segment is a premium channel, focusing on high-dwell-time, affluent audiences. This area is seeing rapid digitization, which is driving significant revenue increases.

In the third quarter of 2025, the Airports segment delivered a 16.1% year-over-year revenue increase. The digital component is accelerating this growth; digital revenue in this segment surged by 31.5% to reach $64 million in Q2 2025. More recently, in Q3 2025, digital revenue growth was reported as surging 37%. The fourth quarter 2025 guidance for Airports revenue is set between $119 million to $124 million.

Clear Channel Outdoor Holdings, Inc. continues to secure long-term, high-investment contracts. For example, the company secured a new 10-year contract with the Metropolitan Washington Airports Authority (MWAA) for Washington Dulles International Airport (IAD) and Reagan National Airport (DCA), beginning March 1, 2026, which includes a five-year renewal option. Under this new deal, Clear Channel Outdoor Holdings, Inc. commits to achieving 85% digital advertising coverage within two years. The company noted that it previously grew airport media revenues by 30% pre-COVID and has nearly doubled revenue compared to the prior concessionaire at those airports. Separately, Clear Channel Outdoor Holdings, Inc. was chosen as the new partner for Hollywood-Burbank Airport (BUR) for a new eight-year partnership.

Direct Sales Force: National and local sales channels

The sales force structure directly supports the America segment's revenue streams, differentiating between large, often national, campaigns and smaller, local business advertising.

The direct sales force handles both national and local business, with growth noted in both channels during the third quarter of 2025. The local sales channel in the America segment showed a 7.4% year-over-year increase in Q2 2025. National sales are a significant component, representing 33.7% of the America segment revenue in Q2 2025.

Programmatic Platforms: Automated, data-driven inventory sales

This channel represents the automated, data-driven sale of inventory, often through Demand-Side Platforms (DSPs), which simplifies buying and allows for dynamic pricing and targeting.

Digital and programmatic sales are explicitly called out as areas of growth across the business. The surge in digital revenue in the Airports segment, for instance, is attributed to programmatic advertising and real-time data analytics. The company's overall strategy involves integrating data analytics and programmatic capabilities to deliver measurable campaigns.

Here's a quick look at the segment performance that these channels drive, based on the latest reported actuals:

The company's overall financial health supports these channel investments; for the full year 2025, Clear Channel Outdoor Holdings, Inc. tightened its consolidated revenue guidance to a range of $1.584 billion to $1.599 billion. Furthermore, the company reported a year-to-date debt reduction of approximately $605 million as of Q2 2025, which helps fund capital expenditures like digital upgrades.

Clear Channel Outdoor Holdings, Inc. (CCO) - Canvas Business Model: Customer Segments

You're looking at the core groups that pay Clear Channel Outdoor Holdings, Inc. (CCO) for ad space, especially now that they are focusing almost entirely on the U.S. market after international divestitures. Here's the breakdown of who is buying inventory as of late 2025, based on the latest reported figures.

National Advertisers

This group includes large brands, often from sectors like banking and technology, whose campaigns run across multiple Clear Channel Outdoor Holdings, Inc. markets. While the overall America segment is growing, national sales have shown some softness compared to local demand in recent periods. For instance, in the second quarter of 2025, national sales represented 33.7% of the America segment revenue, yet they were down 1% on a comparable basis for that quarter.

Local and Regional Businesses (core of the America segment)

This is the engine room for the America segment. Local advertisers drive consistent, recurring revenue, which is a key strength for Clear Channel Outdoor Holdings, Inc. The local sales channel has been particularly robust. For the third quarter of 2025, the America segment revenue reached $309.96 million, showing a 5.9% year-over-year growth, which management noted was supported by strong local sales.

The commitment to this base is clear:

• Achieved the 18th consecutive quarter of year-over-year local revenue growth as of September 30, 2025.
• Local sales in the America segment increased by 7.4% in the second quarter of 2025.
• Digital revenue growth in the America segment was 11.1% in Q2 2025, reaching $114 million.

Advertising Agencies and Media Buyers

These firms act as intermediaries, purchasing inventory on behalf of the National and sometimes large Regional Advertisers. Their relationship with Clear Channel Outdoor Holdings, Inc. is critical for securing large, multi-market buys, especially for digital and programmatic inventory. The company is actively working to demonstrate ROI to this group using new measurement tools, like the in-flight insights campaign attribution solution, to secure future bookings.

Here's a look at the sales mix in the America segment for Q2 2025, which reflects the interplay between national buyers and local direct sales:

Government and Public Transit Authorities (as contract partners)

These entities are crucial partners, providing access to high-value, high-traffic inventory through long-term contracts. The New York Metropolitan Transportation Authority (MTA) contract is a significant anchor for Clear Channel Outdoor Holdings, Inc. in the America segment. The performance of this contract is a major driver of segment revenue and digital growth. For example, the MTA contract was cited as a primary driver for the America segment's 4.4% revenue increase in Q2 2025.

The Airports segment, while separate, also relies heavily on contracts with authorities like the Port Authority of New York and New Jersey and San Francisco International Airport, where national sales accounted for 63.8% of the Airports revenue in Q3 2025.

Finance: draft 13-week cash view by Friday.

Clear Channel Outdoor Holdings, Inc. (CCO) - Canvas Business Model: Cost Structure

The Cost Structure for Clear Channel Outdoor Holdings, Inc. (CCO) is heavily weighted toward fixed obligations and strategic capital deployment, reflecting the nature of its out-of-home advertising asset base.

High fixed costs from site lease expenses represent a major recurring outflow. For the America segment in the second quarter of 2025, site lease expenses were reported at $94 million.

Servicing the balance sheet involves significant cash interest payments on total debt. As of June 30, 2025, Clear Channel Outdoor Holdings reported total debt of $5,067 million. The company anticipated annualized cash interest payments for the full year 2025 to be approximately $394 million, excluding amortization of deferred financing costs, following recent refinancing activities.

Ongoing investment in the asset base is captured by capital expenditures for digital conversions and maintenance. The full-year 2025 guidance for total capital expenditures, which includes discretionary investments, is set in the range of $60 million to $70 million.

The company is actively managing its overhead through corporate cost reduction initiatives. Clear Channel Outdoor Holdings stated it is on track to deliver a targeted $50 million in corporate cost savings announced during its Investor Day.

The primary cost components can be summarized as follows:

Beyond these major categories, the cost structure includes direct operating and Selling, General, and Administrative (SG&A) expenses. For instance, Corporate expenses saw a substantial year-over-year decrease of 33.8% in the first quarter of 2025 compared to Q1 2024.

Key elements contributing to the operating cost base include:

• Site lease expense ramp related to the New York MTA contract.
• Costs associated with large format sign production, which can dilute segment margins.
• Expected annualized interest expense reduction following debt refinancing actions.
• General overhead and operational spending captured within Direct operating and SG&A expenses.

Clear Channel Outdoor Holdings, Inc. (CCO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Clear Channel Outdoor Holdings, Inc. (CCO) brings in money as of late 2025. This is all about selling ad space across their physical and digital inventory, primarily in the U.S. market now that they are simplifying their portfolio.

The revenue streams are clearly segmented by geography and increasingly by the technology used to sell the inventory. Here's a look at the key financial components from the third quarter of 2025.

The primary revenue drivers for Clear Channel Outdoor Holdings, Inc. (CCO) in Q3 2025 were:

• Advertising sales from the America segment: $310 million.
• Advertising sales from the Airports segment: $95.6 million.

You can see the segment breakdown here:

The Airports segment is showing particularly strong momentum, which is helping to drive overall consolidated revenue growth. Honestly, that 16.1% growth in Airports is a big deal.

Digital advertising revenue is a major component of this growth, especially within the Airports segment. For Airports:

• Digital advertising revenue grew by 37.4% in Q3 2025.
• This digital revenue in the Airports segment reached $57.9 million for the quarter, up from $42.1 million in the prior year period.

This shift reflects a broader industry trend where advertisers pay a premium for the flexibility and targeting that digital out-of-home (DOOH) offers. The growth in digital is directly tied to the adoption of more sophisticated sales methods.

Programmatic and data-driven ad sales are the mechanism behind much of this digital uplift. Clear Channel Outdoor Holdings, Inc. (CCO) is seeing growth across both national and local sales channels specifically due to these capabilities. This means they are selling inventory dynamically, often in real-time, which advertisers value for better measurement and ROI.

Looking ahead, the company has tightened its expectation for the full year of 2025. The full-year 2025 consolidated revenue guidance is set between $1.584 billion to $1.599 billion. Here's the quick math: that range implies a consolidated revenue increase of 5% to 6% over the prior year, based on the reported figures.

Finance: draft 13-week cash view by Friday.