Clear Channel acquires Sirocco

Company adds to outdoor ad portfolio

NEW YORK — Clear Channel Communications announced Monday that it has acquired French outdoor advertising company Sirocco S.A. for $87 million in cash.

Sirocco’s 22,000 outdoor displays build on the 4,000 units Clear Channel recently picked up in France through its acquisition of More Group.

Lowry Mays, chairman and CEO of San Antonio-based Clear Channel, called the acquisition “the result of management’s ongoing search for value on a global scale.”

The rapidly growing consolidator of media properties owns or operates 441 radio stations, 18 television stations and 200,000 outdoor displays in 25 countries.

Its stock gained 68 cents a share Monday to close at $43.94.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety