Clear Channel Outdoor Renews Contract for Chicago Metra Rail
Adds to Growing List of Out-of-Home Contract Wins and Renewals
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today announced that it has renewed its contract with Chicago Metra Rail, extending its relationship with the transit operator for another 15 years, through 2022. Clear Channel Outdoor has operated Metra since 1995. Financial terms were not disclosed.
As part of the contract renewal, Clear Channel Outdoor will continue to provide all advertising inventory for suburban platforms, exterior and interior commuter trains, as well as the Ogilvie Transportation Center and other downtown Chicago rail stations. In addition to the traditional rail inventory, Clear Channel will continue to manage all existing billboard inventory on all Metra property, including overhead bridges. Clear Channel Outdoor will also build additional inventory as Metra expands its service.
"Chicago Metra Rail has been a great partner over the past twelve years, and we are looking forward to working with them for the next 15 years," said Scott Elliot, President of the Chicago Division of Clear Channel Outdoor.
Clear Channel Outdoor has seen its global transit-based operations grow significantly over the past few months. In addition to Chicago, the company's French division announced a five-year contract agreement with the city of Lyon, France, operating 7,000 advertising faces on that city's buses, metro and tramway. Clear Channel Outdoor also recently announced strategic new transit contracts in the San Francisco Bay Area and the cities of Seattle, Phoenix and Milwaukee.
"By operating advertising faces on public transportation in markets where we have a strong traditional outdoor presence, we are able to greatly increase the reach and frequency of our advertisers' messages," said Paul Meyer, Global President of Clear Channel Outdoor. "These transit operations are a great complement to our existing billboard operations."
About Clear Channel Outdoor
Clear Channel Outdoor, based in Phoenix, Arizona, is the world's largest outdoor advertising company with over 881,000 displays in more than 60 countries across 6 continents. In the United States, the company operates over 155,000 advertising displays and has a presence in 45 of the top 50 Designated Market Areas. It also operates airport, rail, taxi and mall advertising businesses worldwide. Its Spectacolor (U.S.) and DEFI (international) divisions are the global market leaders in spectacular sign displays, including in New York's Times Square. Adshel(TM) is the company's international street furniture division, which operates more than 3,500 municipal advertising contracts worldwide. More information may be found by visiting www.clearchanneloutdoor.com.
Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Source: Clear Channel Outdoor Holdings
Released January 9, 2007