Media giant Clear Channel has purchased a minority stake in Germany’s biggest street furniture company Wall.
The Texas-headquartered media group – the world’s number one outdoor ad business – will develop products and technology in partnership with Wall, which owns over 20,000 ad panels on street furniture across Europe.
Commenting on the purchase, Clear Channel sees opportunities in the immaturity of the German outdoor media market – at present accounting for only 3.5% of the nation’s adspend, far less than the 11% in France or the UK’s 6%.
The outdoor titan has embarked upon a rapid programme of international expansion. Last week, it signed a $500 million contract to provide street furniture in Singapore for the next fifteen years – the largest deal of its kind ever.
News source: Financial Times