Profile: Clear Channel Outdoor Holdings, Inc. (CCO)

Clear Channel Outdoor Holdings, Inc. provides clients with advertising opportunities through billboards, street furniture displays, transit displays and other out-of-home advertising displays, such as wallscapes, spectaculars, neons and mall displays. The segments of the Company include Americas and International. During the year ended December 31, 2008, the Company owned or operated approximately 908,000 advertising displays globally. On July 30, 2008, Clear Channel Communications completed its merger with a subsidiary of CC Media Holdings, Inc., or CC Media Holdings, a company formed by a group of private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. Clear Channel Communications is owned indirectly by CC Media Holdings. In January 2010, VeriFone Holdings, Inc. announced that it has acquired the Clear Channel Taxi Media business from the Company.

Americas

The Americas business segment includes operations in the United States, Canada and Latin America. The Company own or operate approximately 237,000 displays in the Americas segment. The assets consist of billboards, street furniture and transit displays, airport displays, mall displays, and wallscapes and other spectaculars. In 2008, Americas represented 43% of the Company’s net revenues.

The billboard inventory includes bulletins and posters. Bulletins vary in size, with the most common size being 14 feet high by 48 feet wide. The advertising copy displayed on bulletins is computer printed on vinyl and transported to the bulletin where it is secured to the display surface. Bulletins are located along expressways, commuting routes and main intersections that are visible and trafficked. Posters are available in two sizes, 30-sheet and eight-sheet displays. The 30-sheet posters are approximately 11 feet high by 23 feet wide, and the eight-sheet posters are approximately 5 feet high by 11 feet wide. Posters are located in commercial areas on primary and secondary routes near point-of-purchase locations. Two types of posters are premiere panels and squares.

The street furniture displays, marketed under the global Adshel brand, are advertising surfaces on bus shelters, information kiosks, public toilets, freestanding units and other public structures, and are located in major metropolitan cities and along commuting routes. The transit displays are advertising surfaces on various types of vehicles or within transit systems, including on the interior and exterior sides of buses, trains, trams and taxis, and within the common areas of rail stations and airports.

The balance of display inventory consists of spectaculars, mall displays and wallscapes. Spectaculars are display structures that incorporate video, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments to create special effects.

International

The International business segment includes operations in Asia, Australia and Europe. The Company own or operate approximately 670,000 displays in approximately 36 countries. The International assets consist of billboards, street furniture displays, transit displays and other out-of-home advertising displays. In 2008, International represented 57% of the Company’s net revenues.

The billboards vary in both format and size across the networks, with the majority of the International billboards being similar in size to the posters used in the Americas business (30-sheet and 8-sheet displays). The international billboards are sold to clients as network packages with contract terms ranging from one to two weeks. Billboards include spectacular and neon displays. DEFI, the International neon subsidiary, is a global provider of neon signs with approximately 400 displays in more than 15 countries globally.

The International street furniture displays are similar to the Americas street furniture counterparts, and include bus shelters, freestanding units, public toilets, various types of kiosks and benches. The International street furniture is sold to clients as network packages, with contract terms ranging from 1 to 2 weeks. The International transit display contracts are similar to the Americas transit display counterparts.

The Company competes with CBS, Lamar Advertising Company and JC Decaux.