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Clear Channel Outdoor Acquisition to Boost Company’s Airport Ads
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.”