SAN
ANTONIO, Sept. 28, 2023 /PRNewswire/ -- Clear
Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today
announced that it has reached a settlement with the U.S. Securities
and Exchange Commission (the "SEC") to resolve a
previously-disclosed SEC investigation involving the U.S.
Foreign Corrupt Practices Act relating to its former
indirect, non-wholly-owned Chinese subsidiary, Clear Media Limited
("Clear Media").
The SEC resolution pertains to the actions of Clear Media
in China, and to the
Company's oversight of that entity prior to the Company's
previously-announced sale of its entire interest in Clear
Media in April 2020.
Without admitting or denying the underlying allegations, the
Company has agreed to pay a total of approximately $26.1 million in disgorgement, civil penalties
and pre-judgment interest to the SEC. The Company will make these
payments in a series of installments over the following year. As of
June 30, 2023, the Company had
recorded a liability for the full amount of the potential
settlement in anticipation of such settlement. In connection with
the settlement, the U.S. Department of Justice has declined to
pursue any charges against the Company.
As the SEC's resolution acknowledges, the Company cooperated
with the SEC throughout its investigation; has since sold its
entire interest in Clear Media; and has undertaken a number of
actions to enhance and strengthen its compliance policies and
procedures and related recordkeeping and internal controls.
Resolving these legacy matters is important to the Company, which
believes this settlement is in the best interests of the Company
and its shareholders. The Company remains deeply committed to
promoting a culture of ethical conduct and compliance.
About Clear Channel Outdoor Holdings
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the
forefront of driving innovation in the out-of-home advertising
industry. Our dynamic advertising platform is broadening the pool
of advertisers using our medium through the expansion of digital
billboards and displays and the integration of data analytics and
programmatic capabilities that deliver measurable campaigns that
are simpler to buy. By leveraging the scale, reach and flexibility
of our diverse portfolio of assets, we connect advertisers with
millions of consumers every month across more than 470,000 print
and digital displays in 21 countries.
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SOURCE Clear Channel Outdoor Holdings, Inc.