Branded Cities Network acquires Clear Channel Canada
New York-based out-of-home advertising company Branded Cities Network has acquired the stake in Clear Channel Outdoor Canada owned by Clear Channel Outdoor. The deal gives Branded Cites 100% ownership of the Toronto-based out-of-home company. According to Branded Cities, the acquisition is intended to expand it North American advertising inventory. Clear Channel's Canadian inventory includes displays in Toronto's Yonge Dundas Square, Gardiner Expressway, Billy Bishop Airport and Union Station, as well as street furniture contracts in Edmonton and Ottawa.
"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 on our successes," said Steve Ellman, chairman and CEO of Branded Cities. "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."
Branded Cities Network is a subsidiary of EL Media.