On April 6, 2026, Clear Channel Outdoor Holdings, Inc. announced the commencement of a consent solicitation regarding its outstanding senior secured notes. This solicitation pertains to three series of notes: $865 million of 7.875% Senior Secured Notes due 2030, $1.15 billion of 7.125% Senior Secured Notes due 2031, and $900 million of 7.500% Senior Secured Notes due 2033. The purpose of this solicitation is to approve certain proposed amendments to the indentures governing these notes, particularly in light of the company's recent merger agreement with Madison Parent Inc. The amendments aim to redefine 'Change of Control' to ensure that the merger does not trigger any obligations under the existing indentures. The consent solicitation is a strategic move to facilitate the merger process without incurring additional costs associated with a change of control offer. The company has indicated that the obligations under the merger agreement are not contingent upon the successful completion of this solicitation. The consent solicitation is set to expire on April 10, 2026, unless extended. This development is expected to have a small positive effect on the stock price as it indicates proactive management in navigating the merger process.

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