Clear Channel Outdoor Enters the Romanian Advertising Market
Clear Channel Outdoor (NYSE:CCO) today announced it has acquired a controlling stake in Klass Advertising, the Romanian market leader in banner and neon advertising.
"This acquisition is an important strategic step in expanding Clear Channel Outdoor's reach in Eastern Europe," said Paul Meyer, Global President of Clear Channel Outdoor. "It is a great complement to our growing businesses in Poland, the Baltics and Russia."
The fast-growing Romanian outdoor advertising market is forecast to experience further growth as a result of the country's entrance into the European Union this year. Klass is well positioned to benefit from this growth with its national networks of banners placed at premium locations in Bucharest and all other major Romanian cities, as well as prestigious neon locations in the center of Bucharest.
"We were looking for a strong international partner to take our business to the next development phase," said Florin Gindila, Director General, Klass Advertising.
"In teaming up with Clear Channel Outdoor we get the ideal combination of decentralized management style backed by the expertise and resources of the world's leading outdoor company."
"In Klass, we recognized the same strong dedication to product quality and customer satisfaction as Clear Channel Outdoor," said Rickard Hedlund, Regional President Northern and Eastern Europe, Clear Channel Outdoor. "We very much look forward to developing the Romanian market together with our partners at Klass."
About Clear Channel Outdoor
Clear Channel Outdoor (NYSE:CCO) is the world's largest outdoor advertising company with over 973,000 displays in more than 60 countries across 6 continents. In the United States, the company operates over 167,000 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. 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 June 25, 2007