Clear Channel Outdoor Will Pay $26 Million to Resolve Bribery Charges

By Ben Glickman

Clear Channel Outdoor Holdings will pay more than $26 million to resolve charges by the Securities and Exchange Commission that its Chinese subsidiary bribed government officials.

The SEC said on Thursday that Clear Media, Clear Channel's subsidiary at the time, bribed Chinese government officials to secure advertising contracts from 2012 to 2017. The SEC said the company had violated the Foreign Corrupt Practices Act.

Clear Channel didn't admit or deny the findings. It agreed to cease and desist from violating the regulations and agreed to pay $20.1 million in disgorgement and prejudgement interest, and a $6 million civil penalty.

The SEC order found that Clear Media also used fake intermediaries and false invoices to create off-book cash used to win advertising business from the government and private sector customers.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

September 28, 2023 17:05 ET (21:05 GMT)

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