Clear Channel Outdoor Wins Tender for Long-Term Contract with Largest Hungarian Airport
Clear Channel Outdoor, the world's leading marketer of airport advertising, has been selected by Budapest Airport for a nine-year contract for all advertising inside and outside the airport terminals as well as on the airport's access road.
Budapest is the largest Hungarian airport with over 8.6 million passengers in 2007 and is a key airport for travel through the region. Substantial growth is forecast for the airport in the coming years as it proceeds to develop into a hub for Eastern Europe. To facilitate this growth Hochtief, the German company that operates Budapest airport and also handles six other airports including Athens, Hamburg and Sydney, has committed to significant investment in infrastructure at Budapest airport.
"Following the recent renewal of our contracts at the Oslo and Helsinki airports, the contract for Budapest not only strengthens our European airport offerings, but also helps solidify our global leadership in this increasingly important advertising sector," said Paul Meyer, Global President and COO of Clear Channel Outdoor.
Clear Channel Outdoor was selected for exclusive advertising rights following a thorough review process that included both local and international competitors. As part of the agreement, Clear Channel Outdoor will set up a local sales office and also develop international business in conjunction with its global network of airports.
Bob McFadyen, Retail Director of Budapest Airport, said: "We are very pleased with the outcome of the tender exercise, which saw the appointment of an experienced and professional operator that is committed to work with us to bring new standards of excellence across all elements of airport advertising."
Clear Channel Outdoor is the world's largest airport advertising operator with a total of some 300 airports in the U.S., Europe and Asia. Globally, Clear Channel airports provide 1.5 billion targeted advertising exposures annually.
About Clear Channel Outdoor
Clear Channel Outdoor (NYSE:CCO) is the world's largest outdoor advertising company with close to one million displays in 49 countries across 5 continents. In the United States, the company operates just under 200,000 advertising displays and has a presence in 49 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. Clear Channel Adshel is the company's international street furniture division, which operates over 3,500 municipal advertising contracts worldwide. Clear Channel Outdoor also operates digital displays and networks in most of its divisions. 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
Released April 17, 2008