Clear Channel Hails Taxi Network, Picks Up Alternative Media Outlet

Clear Channel Communications has acquired Medallion Taxi Media Inc. from the Medallion Financial Corp. as part of an exchange of common stock between the two companies.

Clear Channel will merge the taxi media group with its outdoor advertising division, which currently offers roof-top and in-cab advertising in 11 major markets.

Medallion is a specialty finance company with a leading position servicing the taxi industry and other targeted niche markets. Currently, the company sells illuminated advertising space on the roofs of taxis in New York City, with presence in 33 major metropolitan markets.

Clear Channel's acquisition continues a flurry of recent activity with regards to taxi cab advertising. A company called AdFleet Advertising recently began offering non-rotating wheel cover ads on taxis in Los Angeles with plans to expand in other markets. Last year, the New York City Taxi and Limousine Commission ended a pilot program testing ad-supported television service in the back seats of approximately 5,500 cabs.

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