More Group, the UK poster contractor, has been snapped up by the US
cross-media owner, Clear Channel, for pounds 446 million. The sale gives
More Group access to substantial funds with which to finance overseas
Clear Channel, which operates 173 radio stations, 18 TV stations and
55,000 outdoor advertising displays, will gain a substantial foothold
outside the US, where it is most active. The More Group controls 90,000
fixed advertising panels in 22 countries.
Agencies expressed surprise that a UK company had not bought More
Mike Gorman, media director of Saatchi & Saatchi, said: ’We’ve all been
speculating for some time that More Group would be taken over, but I
would have thought the likes of United News & Media would be first in.
With digital TV coming and all the money that will be spent on outdoor
posters, it would be a smart move to own channels of communication which
can be used for your own services.’
Alan Simmons, chairman of the outdoor specialist, Concord, believes the
takeover will allow More Group to realise its expansion plans more
’More Group will be able to tap into Clear Channel’s funds to reduce its
debt and help make acquisitions in the UK.’
Ian McComas, director of sales and marketing at More Group, said: ’It
certainly gives us more clout in the market. It’s pretty obvious that
Clear Channel has bought us with the intention of expanding.’
No redundancies were expected following the deal, McComas added.