Branded Cities Network LLC (BCN) has acquired the 50.001 percent interest held in Clear Channel Outdoor Canada by Clear Channel Outdoor Holdings Inc (NYSE: CCO), a U.S. outdoor advertising company. No financial terms were disclosed for the deal, which gives Phoenix, Arizona-based BCN 100 percent ownership of Clear Channel Outdoor Canada. The latter, which is headquartered in Toronto, has out-of-home media assets in Canada’s six largest markets. Clear Channel Outdoor Holdings is a subsidiary of iHeartMedia Inc, a portfolio company of U.S. private equity firms Bain Capital and Thomas H. Lee Partners.
Branded Cities Network Acquires Clear Channel Outdoor’s Interest in Clear Channel Outdoor Canada Establishing 100% Ownership of its Premium OOH Canadian Assets
August 15, 2017
Branded Cities Network (“BCN”), a premier Out-Of-Home and iconic media company in North America, is proud to announce the strategic acquisition of Clear Channel Outdoor’s 50.001% interest in Clear Channel Outdoor Canada – thereby becoming the 100% owner of Clear Channel Outdoor Canada (“Clear Channel Canada”). Through such acquisition, BCN further increases its North American footprint.
“Assuming full ownership of Clear Channel Canada is a strategic play for our North American portfolio with the Canadian market exhibiting exciting growth prospects which will build our successes, including the Yonge & Dundas Digital tower, Union Station and Edmonton Street Furniture” said Steve Ellman, Chairman & Chief Executive Officer of BCN. “We founded this company in 1999 in Toronto with Clear Channel joining us as a partner in 2001. Canada continues to be a key market for BCN and this acquisition furthers our goal to offer brands the ability to dominate in large format digital advertising through iconic media in iconic locations.” Further to this, Adam Butterworth, President of Clear Channel Canada, adds “Having worked for Clear Channel globally for more than two decades, I have had the pleasure of being a part of some amazing opportunities and this transaction is going to bring more exciting opportunities for Canada’s OOH industry allowing us to offer global brands a North American presence with impressive assets on both sides of the border.”
With the acquisition of Clear Channel Canada, Branded Cities is now uniquely positioned to offer brands some of the most prestigious OOH Media opportunities in Canada such as the big and iconic assets in Yonge Dundas Square, Spectaculars along Toronto’s busiest road the Gardiner Expressway, Billy Bishop Airport’s prestigious terminal, Canada’s busiest building Union Station, as well as Street Furniture Networks in Edmonton & Ottawa. The amalgamation of the two markets creates perfect strategic sense for BCN with the shared vision of expanding and growing assets as well as offering brands impactful and engaging OOH assets on both sides of the border.
ABOUT CLEAR CHANNEL CANADA
Clear Channel Canada connects brands with people. Our network, spanning Canada’s six largest markets (Toronto, Vancouver, Montreal, Ottawa, Edmonton and Winnipeg), comprises the country’s most valuable Out-of-Home environments, such as Union Station and Billy Bishop Airport, the iconic Dundas Square, and leading shopping centres. Clear Channel Canada helps brands deliver impactful, engaging messages to Canada’s most desirable, hard-to-reach audiences. For more information please visit: clearchanneloutdoor.ca.
For additional information, please contact:
EVP/Chief Operating Officer
(416) 408-0800 x 248
Photo courtesy of Branded Cities Network LLC