Clear Channel Outdoor

Last updated
Clear Channel Outdoor Holdings, Inc.
Company type Public
NYSE:  CCO
Russell 2000 Component
Industry Out-of-home advertising
Predecessor
  • Foster & Kleiser
  • Patrick Media Outdoor
  • Eller Media Company
Founded1901;123 years ago (1901) (as Foster & Kleiser)
Founder
Headquarters
San Antonio, Texas [1]
,
United States
Key people
Scott Wells (CEO, Clear Channel Outdoor Holdings, Inc. & Clear Channel Outdoor Americas)
William Eccleshare (Executive Vice Chairman, CCOH Board of Directors)
RevenueUS$ 2.68 billion (2019) [2]
US$ 253 million (2019) [2]
US$ −363 million (2019) [2]
Total assets US$ 6.39 billion (2019) [2]
Total equity US$ −2.05 billion (2019) [2]
Number of employees
5,900 (2019) [2]
Website clearchanneloutdoor.com

Clear Channel Outdoor Holdings, Inc. is a multinational corporation focused on outdoor advertising. The company is based in San Antonio, Texas. [3] [4]

Contents

Together with JCDecaux, it is one of the largest outdoor advertising companies.

History

Founding and predecessor companies

Clear Channel Outdoor Americas (CCOA) was one of the first outdoor advertising companies in the United States and is one of the largest. [5] It has origins in three major predecessor companies: Foster & Kleiser (F&K) (1901–1986), Patrick Media Outdoor (1986–1995), and Eller Media Company (1995–2001). F&K changed its name to Patrick Media Group after Metromedia sold the company to Scranton, PA-based Patrick Media Group and a major investor group led by General Electric, and it was acquired in turn by Karl Eller in 1995.

Alongside this outdoor advertising consolidation, the Mays family in San Antonio, Texas, founded a broadcasting company in 1972, which would become known as Clear Channel Communications. [6] By the mid-1990s, Clear Channel Communications owned 43 radio and 16 television stations. [7] By 2004, Clear Channel owned more than 1,200 radio stations and 36 television stations in the United States and 770,000 billboards globally. [8]

Along the way, CCO further consolidated operations by acquiring Universal Outdoor (Naegele, Derse, POA, Revere), Donrey, Paxton Outdoor, Ackerley Media, Badger Outdoor, ABC Outdoor, and Hansen Outdoor, to name a few of the larger transactions.

Expansion and iHeartMedia

In November 2005, Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) and its parent company, Clear Channel Communications, Inc. (NYSE:CCU) announced the initial public offering of 35,000,000 shares of Class A common stock of Clear Channel Outdoor Holdings at a price of $18.00 per share, for a total offering of $630,000,000. [9]

In 2006, CCOH acquired Interspace Airport Advertising and began operating as Clear Channel Interspace Airports. In 2009, the airports media sales business began operating as Clear Channel Airports. [10] Today, Clear Channel Airports manages advertising and marketing contracts in more than 260 airports across the world. [11]

In 2007, Clear Channel Outdoor began its partnership with the FBI to display fugitives and missing persons on billboards across the United States. [12]

In 2008, Clear Channel was taken private by firms Thomas H. Lee Partners and Bain Capital LLC, and the Mays family divested their interests in the company. [13]

In September 2014, CCO's then-parent parent company changed its name from Clear Channel Communications, Inc. to iHeartMedia. The outdoor advertising entity retained the Clear Channel name to protect that trademark. [14]

In 2015, Scott Wells became CEO of Clear Channel Outdoor Americas. [15] He is responsible for all CCOA’s business in the U.S., and its Caribbean-based airport media sales operations. [16]

In 2016, CCOA proved the effectiveness of the Out-of-Home (OOH) medium and announced the industry’s first measurable outdoor advertising solution known as CCO RADAR. CCO executed this using aggregated and anonymized mobile location data from privacy compliant data providers. [17] [18]

On January 7, 2016, Lamar Advertising Company purchased Clear Channel Outdoor's assets in 5 major U.S. city markets for $458.5 million. [19]

In 2016, CCOA introduced the automated ability (programmatic) for advertisers to buy ads on its various digital outdoor formats using computer programs. [20]

Spin-off out of iHeartMedia

On December 21, 2018, iHeartMedia announced its intent to spin out its majority stake in Clear Channel Outdoor, as part of a proposed reorganization plan to reduce debt and exit its Chapter 11 bankruptcy. The reorganization plan was approved by the U.S. Bankruptcy Court for the Southern District of Texas in January 2019, and was completed in May 2019. [21] [22] [23] This made Clear Channel an independent company, and Clear Channel International (CCI) CEO William Eccleshare became the new worldwide CEO. He remains in London in addition to his responsibilities as the worldwide CEO, he continues to lead CCI. [24] [25]

Under the Clear Channel umbrella, Clear Channel Outdoor was built from the acquisition of Eller Media, Universal Outdoor, and More Group Plc, giving iHeartMedia outdoor advertising space in 25 countries, while CCO also has a stake in Jolly Pubblicita S.p.A. of Italy. Other units of CCO include:

In the United States, CCO operates over 1,100 digital billboards in 27 markets. [26] Taxi Tops was sold to Verifone in January 2010.

Corporate structure

Following a separation from its former parent company, iHeartMedia, Inc., in May 2019, CCOH, Inc. has operated as an independent, publicly traded company on the New York Stock Exchange (NYSE: CCO). [23] [9]

In the U.S., Clear Channel Outdoor Americas offers outdoor advertising in 43 of the top 50 markets and maintains an office and operations presence employing over 1,500 people. [2] Across its roadside and street level market footprint, CCOA offers tens of thousands of printed billboards in a variety of formats. [4]

CCOA is one of two separate business units operating as part of Clear Channel Outdoor Holdings, Inc. (CCOH). [4] The other business unit, Clear Channel International (CCI), includes Europe, Singapore and Latin America. [4] Globally, both CCOA and CCI employ 5,800 people. [2]

See also

Related Research Articles

<span class="mw-page-title-main">XM Satellite Radio</span> Company

XM Satellite Radio (XM) was one of the three satellite radio (SDARS) and online radio services in the United States and Canada, operated by Sirius XM Holdings. It provided pay-for-service radio, analogous to subscription cable television. Its service included 73 different music channels, 39 news, sports, talk and entertainment channels, 21 regional traffic and weather channels, and 23 play-by-play sports channels. XM channels were identified by Arbitron with the label "XM".

iHeartMedia, Inc., or CC Media Holdings, Inc., is an American mass media corporation headquartered in San Antonio, Texas. It is the holding company of iHeartCommunications, Inc., formerly Clear Channel Communications, Inc., a company founded by Lowry Mays and Red McCombs in 1972, and later taken private by Bain Capital and Thomas H. Lee Partners in a leveraged buyout in 2008.

<span class="mw-page-title-main">Billboard</span> Advertising signage

A billboard is a large outdoor advertising structure, typically found in high-traffic areas such as alongside busy roads. Billboards present large advertisements to passing pedestrians and drivers. Typically brands use billboards to build their brands or to push for their new products.

<span class="mw-page-title-main">Out-of-home advertising</span> Name given to the advertising in public spaces

Out-of-home (OOH) advertising, or outdoor advertising includes public billboards, wallscapes, and posters seen while "on the go". OOH advertising formats fall into four main categories: billboards, street furniture, transit, and alternative.

<span class="mw-page-title-main">JCDecaux</span> French communications company

JCDecaux Group is a multinational corporation focused on outdoor advertising. As of 2016, it is the largest company in its sector worldwide with adverts on 140.000 bus stops and 145 airports. The company is headquartered in Neuilly-sur-Seine, near Paris, France.

Clear Channel UK is the British division of Clear Channel Outdoor, a global OOH advertising company based in San Antonio, Texas, United States of America. It operates through a complex group structure, with some 70 UK subsidiary companies.

Pattison Outdoor Advertising is a Canadian out-of-home advertising company owned by the Jim Pattison Group. According to the Canadian Out-of-Home Measurement Bureau, it was Canada's largest out-of-home advertising company in 2013, holding more than 55% of the national market share in horizontal posters and a 43% market share of all traditional out-of-home media.

<span class="mw-page-title-main">Outfront Media</span> Outdoor advertising company

Outfront Media, Inc. is one of the largest outdoor media companies. It operates in markets including the United States and Canada. The Americas division is led by chief executive officer Jeremy Male. Outfront Media operates both billboards and transit displays.

<span class="mw-page-title-main">The Interpublic Group of Companies</span> American advertising company

The Interpublic Group of Companies, Inc. (IPG) is an American publicly traded advertising company. The company consists of five major networks: FCB, IPG Mediabrands, McCann Worldgroup, MullenLowe Group and Marketing Specialists, as well as several independent specialty agencies in the areas of public relations, sports marketing, talent representation and healthcare. It is one of the "Big Four" agency companies, alongside WPP, Publicis, and Omnicom. Phillippe Krakowsky became the company's CEO on January 1, 2021.

Karl Eller was an American businessman and entrepreneur.

<span class="mw-page-title-main">Infinity Broadcasting Corporation</span> Former radio company

Infinity Broadcasting Corporation was a radio company that existed from 1972 until 2005. It was founded by Michael A. Wiener and Gerald Carrus. It became associated with popular radio personalities like Howard Stern, Opie and Anthony, Don Imus and Mike Francesa. Infinity merged with CBS Corporation in 1997 and later became part of Viacom in 2000, when CBS and Viacom merged, serving as the radio division of CBS. After the Viacom split in 2005, Infinity changed its name to CBS Radio; the company would later merge with Entercom, presently known as Audacy, Inc.

Jacor Communications was a media corporation, existing between 1987 and 1999, which owned many radio stations in the United States. In 1998, Jacor was purchased by Clear Channel Communications, now iHeartMedia, for $2.8 billion.

The Cleburne Times-Review is a six-day daily newspaper published in Cleburne, Texas, in the morning on weekdays. It covers "all of Johnson County". It is owned by Community Newspaper Holdings Inc.

Stephen Adams was an American businessman, private equity investor, and philanthropist. His holdings have included Good Sam Enterprises, a national publisher, retail stores, and member-based direct marketing organization directed toward owners of recreational vehicles and Adams Outdoor Advertising, an operator of outdoor advertising structures in the Midwest, Southeast, and Mid-Atlantic regions of the United States. His previous holdings have included operators of television and radio stations, print publishers, cola bottlers and community banks.

<span class="mw-page-title-main">Robert Pittman (media executive)</span> American businessman

Robert Warren Pittman is an American businessman. Pittman was the CEO of MTV Networks and the cofounder and programmer who led the team that created MTV, and is the cofounder of iHeartMedia and Casa Dragones Tequila. Pittman joined iHeartMedia's predecessor company Clear Channel in November 2010 as an investor and the company's Chairman of Media and Entertainment Platforms, was named CEO in 2011 and chairman in 2013. Pittman led Clear Channel's transformation into iHeartMedia, Inc. in September 2014 to reflect its new multiplatform business and expanded mission. Pittman has also been the former chairman and CEO of Clear Channel Outdoor, CEO of AOL Networks, Six Flags Theme Parks, Quantum Media, Century 21 Real Estate and Time Warner Enterprises, and COO of America Online, Inc. and AOL Time Warner.

<span class="mw-page-title-main">Kellwood Company</span>

Kellwood Apparel is an American apparel manufacturer. Founded in 1961, Kellwood's portfolio of Women's, Juniors, and Girls' apparel includes Parker, Devlin, Briggs NY, Democracy, Jax, Rewind, My Michelle, and licensed brands. Kellwood became an affiliated company of Sun Capital Partners, Inc. in February 2008. In December 2016, Kellwood Company was acquired by an unnamed Hong Kong investor group for an undisclosed amount.

George N. Stonbely is an American advertising entrepreneur and civic leader known for his work and advocacy in New York's Times Square.

<span class="mw-page-title-main">Jacques Dauphin</span> French advertising pioneer (1923–1994)

Jacques Dauphin was a French advertising pioneer founder and CEO of Dauphin OTA. He is best known as the father of modern billboard advertising.

<span class="mw-page-title-main">Foster & Kleiser</span> Defunct American advertising company

Foster & Kleiser was an American advertising company founded in 1901 that grew into the "west coast's leading billboard company". Among its notable employees was Maynard Dixon who credited his five years spent as a billboard painter at the company with helping prepare him as a muralist. Another notable employee was Maurice Del Mue. In the 1970s, many of the iconic billboards advertising new rock acts on Los Angeles' Sunset Strip were hand-painted by Foster & Kleiser artists, who worked from a "space the size of an airplane hangar".

<span class="mw-page-title-main">John Textor</span> American businessman (born 1965)

John Textor is an American businessman. He is the former executive chairman of streaming television service FuboTV. He has been recognized for his work in the fields of digital media and entertainment with the nickname "Hollywood's Virtual Reality Guru".

References

  1. ↑ Clear Channel Outdoor Corporate Address on the Investor Relations FAQ page (Retrieved 28 July 2023)
  2. 1 2 3 4 5 6 7 8 "Clear Channel Outdoor Holdings, Inc. 2019 Form 10-K" (PDF). SEC. Retrieved 2020-04-30.
  3. ↑ Clear Channel Outdoor Corporate Address on the Investor Relations FAQ page (Retrieved 28 July 2023)
  4. 1 2 3 4 "CCO - Clear Channel Outdoor Holdings Inc". Reuters.
  5. ↑ "San Antonio's Clear Channel taps credit line in midst of coronavirus". ExpressNews.com. 2020-03-25. Retrieved 2020-06-15.
  6. ↑ "A Look at Lowry Mays: Risk-Taker, Broadcaster, Billionaire, Philanthropist". Rivard Report. 2018-02-05. Retrieved 2020-06-15.
  7. ↑ "Media Monopoly Revisited". FAIR. 2011-10-01. Retrieved 2020-06-15.
  8. ↑ "Gee, Thanks Dad". Forbes. Retrieved 2020-08-14.
  9. 1 2 "Clear Channel Outdoor Prices Initial Public Offering" (Press release). Businessiwre.com. Retrieved 2015-06-12.
  10. ↑ "Spanning the globe with airport ads Lehigh County firm dominates niche industry". LVB. 2014-07-21. Retrieved 2020-07-21.
  11. ↑ "Clear Channel Airports Wins a New Seven Year Contract with Philadelphia International Airport to Provide State of the Art Advertising Network". AviationPros. 2019-04-16. Retrieved 2020-07-30.
  12. ↑ "The FBI on Digital Billboards". FBI. Retrieved 2020-09-25.
  13. ↑ Davies, Megan (2006-11-16). "Clear Channel agrees to be sold for $18.7 bln". Reuters. Retrieved 2020-09-30.
  14. ↑ "About iHeartBillboards". Archived from the original on April 5, 2016. Retrieved April 21, 2016.
  15. ↑ "Clear Channel names Scott Wells new Americas CEO". Campaign. 2015-03-02.
  16. ↑ "Clear Channel International Announces Changes to Operating Structure – Including Creation of European Region". Digital Signage Connection. 2019-05-08. Retrieved 2020-08-11.
  17. ↑ "Clear Channel on how location data helps brands with OOH". The Drum. Retrieved 2020-06-29.
  18. ↑ "How A Smart Billboard Is Changing How Consumers Interact With Products". PYMNTS.com. 2016-12-23. Retrieved 2020-06-29.
  19. ↑ "Lamar Acquires 5,500+ Clear Channel Outdoor Signs". www.mediapost.com. Retrieved 2020-06-23.
  20. ↑ "Clear Channel to Sell Digital Billboard Ads 'Programatically'". Wall Street Journal. 2016-12-14.
  21. ↑ "IHeartMedia wins court approval for a plan to exit bankruptcy". adage.com. 2019-01-22. Retrieved 2020-01-21.
  22. ↑ "iHeartMedia Sets Plan for Spin-Off of Outdoor Advertising Business". Billboard. Retrieved 2020-01-21.
  23. 1 2 "iHeartMedia Emerges From Chapter 11". Radio World. 2019-05-06. Retrieved 2020-01-21.
  24. ↑ "Clear Channel Outdoor to emerge as standalone company after iHeartMedia restructuring". The Drum. Retrieved 2020-01-22.
  25. ↑ "iHeartMedia Agrees to Split from Clear Channel Outdoor Holdings". Digital Music News. 2018-12-24. Retrieved 2020-01-22.
  26. ↑ "Investor Relations for Clear Channel Outdoor Holdings (CCOH)". Company.clearchanneloutdoor.com. Archived from the original on January 5, 2018. Retrieved January 15, 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.