The deal would have created the world’s largest outdoor company, overtaking Clear Channel Outdoor.
Both companies said the current financial turmoil was to blame for the failure to secure a deal.
A joint statement today stated: “JCDecaux and News Corporation have ended discussions regarding a potential transaction relating to News Outdoor Group.
“Both companies recognise that economic and capital market conditions have made it increasingly difficult to conclude strategic partnerships on this scale.”
News Corp has reportedly been looking to sell its outdoor business – which employs 4,500 people across eastern Europe, Russia and Asia – since last year, after claims Rupert Murdoch was unhappy doing business in Russia.
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