Clear Channel Merafe buys Eyecom Roadside assets

Commenting on the purchase, Chairman of Clear Channel Merafe, Khomotso Makwetla said, "Our company is now a force to be reckoned with in the outdoor advertising industry and is further evidence of empowerment's positive contribution to the advertising industry."

Clear Channel Merafe is now the largest airport advertising concessionaire in South Africa, trading at all nine of the country's major airports.

The company has also successfully acquired outdoor advertising rights on Spoornet property and obtained further rights by tender, for the Metro Mall taxi facility in downtown Johannesburg, together with a number of other municipal contracts.

Further developments include the outright purchase of the roadside advertising assets of Eyecom, a competing outdoor advertising company, which was settled in full by Clear Channel Merafe from its own strong cashflows.

In addition to its directly held advertising rights, Clear Channel Merafe has entered into a sales agreement with Clear Channel Independent on all available Clear Channel Independent outdoor advertising assets, providing nationwide coverage to customers of the new company.