Clear Channel Flies With Interspace
by Amy Corr,
May 23, 2006, 7:45 AM
In an effort to expand its airport presence in North America, the Caribbean, Latin America, and the Pacific Rim, Clear Channel Outdoor Holdings has acquired Interspace Airport Advertising of Allentown, PA.
Interspace operates airport advertising concessions in more than 190 airports--including 150 small- to mid-size airports in the United States as well as 13 airports in Canada, 13 airports in the Caribbean, and Central America, and 20 airports in New Zealand and Australia.
After the acquisition, Interspace will continue to operate as an independent unit of Clear Channel Outdoor. Terms of the deal include an initial cash purchase price of $94.5 million, the issuance of 4,250,000 shares of Class A Common Stock of Clear Channel Outdoor and an earn-out provision pursuant to which additional consideration may be paid in cash, and stock based on ISI meeting certain financial performance targets over the next four years.
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