Midday Multimedia on Thursday announced that it has entered into an operational merger agreement with Clear Channel International.
As per the deal, Midday’s Rs 17 crore outdoor signage business will be merged with the Indian arm of the multinational media company headquartered in London.
The pact will compliment Mid-day’s coverage in Mumbai and Chennai, the company said in a notice to the Bombay Stock Exchange. Post merger, the total turnover of the company is expected to be around Rs 22 crore.
“The merger will also enable us to become a national player,” a senior executive at Midday Multimedia said. While the company has a presence in Mumbai and Chennai, Clear Channel International has its business in Delhi and Bangalore.
Clear Channel owns or operates approximately 1,170 radio and 19 television stations in the United States and has equity interests in over 240 radio stations internationally.
It also operates more than approximately 700,000 outdoor advertising displays, including billboards, street furniture and transit panels around the world.