Home Communication Services 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.…