San Antonio Business Journal
Clear Channel Outdoor has acquired a controlling stake in Klass Advertising, a leading banner and neon advertising firm in Romania.
Financial terms of the deal were not disclosed. The acquisition marks Clear Channels' first foray into this Eastern European country since it has joined the European Union.
"This is an important strategic step in expanding Clear Channel Outdoor's reach in Eastern Europe," says Paul Meyer, global president of Clear Channel Outdoor. "It is a great complement to our growing businesses in Poland, the Baltics and Russia."
Clear Channel officials expects the Romanian outdoor advertising market will experience further growth with the country's entry into the European Union. Klass currently has a national network of banners placed at premium positions in Bucharest and other major Romanian cities, according to Clear Channel.
"In Klass, we recognized the same strong dedication to product quality and customer satisfaction as Clear Channel Outdoor," says Rickard Hedlund, regional president of Northern and Eastern Europe for Clear Channel Outdoor. "We very much look forward to developing the Romanian market together with our partners at Klass."
Clear Channel Outdoor (NYSE: CCO), a subsidiary of San Antonio-based Clear Channel Communications Inc., is the world's largest outdoor advertising company with more than 973,000 displays in more than 60 countries.