Clear Channel Outdoor Holdings Faces Challenges with Declining Revenue and High Leverage

Clear Channel Outdoor Holdings reported a 5.3% annual revenue decline over five years, driven by customers postponing advertising spending. The company has high net-debt-to-EBITDA ratio and negative free cash flow, which has raised concerns about its financial flexibility. The latest refinancing efforts reshape the company's maturity profile and interest obligations, but persistently high leverage remains a risk. Investors should be aware of these factors when considering the company's long-term prospects.