The World: Bucharest - ClearChannel extends into Eastern Europe

ClearChannel has acquired a controlling interest in Klass Advertising, Romania's leader in banner and neon advertising.

The deal will allow ClearChannel to capitalise on the country's fast-growing outdoor market, which is expected to expand further as a result of the country's entry into the European Union later this year.

Klass is regarded as being well positioned to benefit from this thanks to its network of premium sites in Bucharest and other major cities.

"This is an important strategic step in expanding ClearChannel Outdoor's reach in Eastern Europe," Paul Meyer, the ClearChannel outdoor global president, said.