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Clear Channel acquires Van Wagner
LONDON: Clear Channel Outdoor Holdings has acquired the UK business of Van Wagner, one of the country's leading premium format outdoor advertising companies. The acquisition adds two new formats to the Clear Channel portfolio through the large format Mega 96 sheet and Mega 6 sheet products, as well as an additional backlit 96 sheet billboards and a range of special build billboard sites.
Says Barry Sayer, CEO of Clear Channel Outdoor United Kingdom, "The acquisition of Van Wagner's UK assets will significantly enhance the quality of Clear Channel Outdoor's UK product, with 70 sites in the most prestigious locations across the Capital, including the iconic LED screen in Piccadilly Circus and sites at London Bridge and the M4 Motorway."
Paul Meyer, global president of Clear Channel Outdoor, comments, "This acquisition will strengthen Clear Channel Outdoor's position in London, one of the world's most important ad markets and the host city of the 2012 Olympics. This acquisition and the recent announcement of our London digital billboard network underlines Clear Channel Outdoor's commitment to the UK outdoor market."
Interspace acquisition
Clear Channel Outdoor Holdings has also announced that it has entered into an agreement to acquire Interspace Services, Inc. to expand its airport presence in North America, the Caribbean, Latin America and the Pacific Rim. The closing of the transaction is expected to take place in the third quarter and is subject to regulatory approval and other customary closing conditions.
Interspace operates airport advertising concessions in more than 190 airports, including approximately 150 small to mid-size airports in the United States, as well as 13 airports in Canada, 13 airports in the Caribbean and Central America, and 20 airports in New Zealand and Australia. Clear Channel Outdoor currently operates advertising concessions in 15 of the largest airports in North America, as well as 39 other airports worldwide.
"Airport traffic is at record levels and the great demographics of this audience are very attractive to most major marketers around the world," said Clear Channel's Meyer, commenting on this deal in New York. "Interspace has built a great company and the finest local sales team in the airport advertising industry. The synergy between Clear Channel Outdoor's very strong national sales organisation and Interspace's powerful local sales team will deliver the best possible financial results for all of our airport partners."
