Independent News & Media has taken full control of Clear Channel Independent – Africa’s largest outdoor advertising company – in a deal worth €86.6 million (£64.7 million).
Independent News & Media has owned Clear Channel Independent as a joint venture with Clear Channel Outdoor since 2001.
Sir Anthony O’Reilly, INM group chief executive said: “Our strong confidence in, and investment in, media in South Africa – which originally dates back to 1994 – has delivered annual compound growth in profits in excess of 19% and has created enormous value for all of our shareholders.
“This consolidation of our leading outdoor interests throughout Africa is timely and represents a furtherance of your Group’s clear and successful strategy. This is even more relevant with this acquisition, when one considers that outdoor advertising continues to be one of the fastest growing media sectors globally and this acquisition further expands and strengthens your Group’s interest in this vibrant sector.”
CCI has forecast 2008 earnings before interest, tax, depreciation and amortisation of €16.6 million (£12.4 million), representing a growth rate of more than 20% on 2007.
Last week, Denis O’Brien increased his stake in Independent News & Media, owner of the Independent and Independent On Sunday in the UK, to 16.4% (see O’Brien Increases Stake In Independent News & Media).
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