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In yet another casualty of the current financial market crisis, the potential $1 billion deal between JCDecaux and News Corp. has foundered. Had it happened, the new group would have surpassed Clear Channel to form the world’s largest outdoor advertising company.
The deal would have seen JCDecaux combine forces with News Corp.’s News Outdoor Group, but discussions have ended, reports the Guardian.
“Both companies recognize that economic and capital market conditions have made it increasingly difficult to conclude strategic partnerships on this scale,” the companies said in a joint statement.
News Outdoor Group has been focusing on growing its outdoor advertising business in emerging markets across Europe and Asia. It has operations in Russia, Bulgaria, the Czech Republic, Israel, Poland, Romania, Ukraine, Malaysia, Indonesia, Thailand and Vietnam.
In September, investigators raided the offices and production facilities of News Outdoor Group’s Russian operations, as part of an investigation into negligence charges against an executive of Moscow’s committee for advertising and information. News Outdoor Russia, the largest outdoor company in the nation, does not face any charges, according to a spokeswoman for the company, who said that the search was entirely related to the investigation of the advertising committee official.
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