Bauer Radio Limited, a subsidiary of Bauer Media Group, has agreed to acquire the northern European operations of American outdoor advertiser Clear Channel Outdoor Holdings for $625m (£508.5m).
The purchase represents the company’s first move into out of home advertising. Radio rival Global already owns a substantial outdoor advertising business.
Clear Channel Outdoor Holdings, a publicly-traded company incorporated in Texas, said the business changing hands generated earnings before interest, taxation, depreciation and amortisation of $128m (£104m) in the year to 30 September 2024 and profit of $97m (£79m).
Radio Today reports the deal will give Bauer 40,000 out-of-home advertising locations in the UK, as well as a presence in Belgium, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands, Noway, Poland and Sweden.
Bauer Media Board chair Yvonne Bauer said: “This acquisition represents a pivotal step in advancing our Group’s refocused strategy. By enhancing our core media and related businesses while driving forward our digital transformation, this move broadens our capabilities and strengthens our position as a major player in the highly competitive media industry.
“We look forward to welcoming the team to Bauer Media. Together, we will create a comprehensive and innovative media offering that meets the evolving needs of our advertisers and audiences across the region.”
Justin Cochrane the chief executive of Clear Channel Outdoor UK and Europe, said: “We look forward to joining Bauer Media Group to build upon the strong foundation that we have established in these European markets as a part of Clear Channel Outdoor.
“The consistent top-line performance of our Europe-North assets year-to-date underscores the growing demand in these markets and the dedication of our teams to executing for our clients and partners.”
Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog
