Summary

• Clear Channel Outdoor is being exited in the $2.38/$2.39 range post-Mubadala Capital takeover approval, with minimal upside remaining to the $2.43/share deal price.
• Given the near-complete M&A process, I see better risk-adjusted opportunities in media, notably Gray Media and Townsquare Media, both offering hidden value and attractive dividends.
• GTN is undervalued due to unrecognized real estate and tower assets, while TSQ is successfully digitizing, now deriving ~60% of revenues from digital and supporting a nearly 12% dividend.
• With CCO’s turnaround story largely realized and limited incremental return, reallocating capital to higher-growth or higher-yielding media names is prudent.

Over the last few weeks we have been exiting positions in Clear Channel Outdoor (CCO) in the $2.38/$2.39 area as we believe that there are better opportunities out there within the media space to deploy

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