It will now be a shoot-out between Exterion Media, the incumbent, and JCDecaux for Europe’s most valuable outdoor ad real estate. A decision is expected next month.
Clear Channel would not comment on "specific tenders" but said it only pursues business if it will benefit clients and "drive profitable revenue".
TfL’s eight-year contract is worth about £150 million a year, but observers said it could hit £250 million by 2024 thanks to digital and mobile growth.
Clear Channel lost TfL’s bus shelters last year to JC Decaux but pointed out it has acquired Arqiva’s payphone business and retained Sainsbury’s out-of-home ad sales.
TfL declined to comment.