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Clear Channel Outdoor Holdings, Inc. announced yesterday that during the third quarter it would finalize its acquisition of airport advertising concessions operator Interspace Airport Advertising.
The agreement - which includes an initial cash purchase price of approximately $94.5 million and the issuance of 4,250,000 shares of Class A Common Stock of Clear Channel Outdoor - would expand Clear Channel’s airport presence in North America, the Caribbean, Latin America and the Pacific Rim.
“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 Outdoor’s Global President and COO Paul Meyer. “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 organization and Interspace’s powerful local sales team will deliver the best possible financial results for all of our airport partners.”
By the end of 2008, revenue growth in the radio industry is expected to have fallen 7%, the second year of negative growth for the medium, according to estimates in a report from from BIA Advisory Services, writes MarketingCharts.
BIA estimates that…
Next in the long list of companies cutting jobs comes Tribune Co., which is slicing positions at The Chicago Tribune.
About 12 employees at the Trib were given the rest of the week to clean out their desks; more cuts…
Target is one of the first brands to create an iPhone application. The Target “gift globe” allows iPhone users to shake their phones to launch a snow-fall effect.
When the snow clears, a gift idea from Target is revealed. Users…
NBCU is launching its latest round of layoffs, with up to 500 jobs, or 3% of its work force, expected to be cut.
NBC News bureaus in Dallas and Los Angeles will be affected, writes TV Newser. L.A. correspondent John Larson,…
A Specific Media study finds the presence of display advertising significantly affects click-through and search style across both paid and organic searches.
In the “travel and tourism” category, display advertising engendered a 274% lift on both paid and organic search.…
Today’s Wall Street Journal is running a cover wrap for Dell. The ad covers a third of the front page and all of the back.
Though the New York Post and the Daily News commonly use cover wraps, the move…
