Independent News & Media (South Africa) (Pty) Limited has acquired Clear Channel Outdoor's 50% interest in Clear Channel Independent (‘CCI') - Africa's largest outdoor advertising company, based in Johannesburg, South Africa.
INM has owned CCI as a joint venture with Clear Channel Outdoor since 2001, and this transaction simplifies and takes INM's ownership interest to 100%. The transaction will allow the South Africa business to prioritise its long awaited holding company BEE deal in the near future.
The company's new trading name, in both South Africa and Africa, is INM Outdoor (Pty) Ltd. Branded across our territories as simply... INM Outdoor.
Bazil Lauryssen, Managing Director of INM Outdoor, says, “As Africa's largest and fastest-growing outdoor advertising company, we are extremely proud of the confidence Sir Anthony O'Reilly, the INM Group Chief Executive, has in our business. The investment the group has made is timely and represents a great step in INM's global growth strategy into this fast growing media sector.
“The transaction has not changed our business at all. We will continue to deliver quality Outdoor Advertising audience solutions throughout sub-Saharan Africa, the Indian Ocean Islands inclusive of the new Madagascar business as well as in South Africa, continuing with our keen focus on outstanding customer care and product innovation.”