Clear Channel Sells Branded Cities JV Interest
Do our cities need more outdoor branding? Real estate developer, Ellman, thinks so. Clear Channel Outdoor and The Ellman Companies announced today that Ellman has acquired all of Clear Channel's majority interest in Clear Channel Branded Cities, a signage and activation venture between the two companies, making Ellman the 100% owner of Branded Cities. The company will retain the 'Branded Cities' name. Branded Cities maintains outdoor signage in Phoenix, Denver and Las Vegas.
The Branded Cities JV was initially created to integrate brand experiences into iconic metropolitan areas like the Atlantic City Boardwalk and Denver Theatre District.
"This is a good deal for both parties," says Ron Cooper, President and CEO of Clear Channel Outdoor. "Clear Channel will remain focused on strengthening its traditional outdoor business including expanding its digital networks, and Branded Cities will focus on landmark signage integrating activation and sponsorship. We are both bullish about the future of the outdoor advertising industry."
"We have been partners with Clear Channel for twelve years," said Steven Ellman, Chairman/CEO of Ellman. "We continue to be their partner in Clear Channel Canada, and we look forward to working with Clear Channel in other ventures. Meanwhile, we will continue to cultivate our current assets and expand our spectacular signage platform, providing iconic advertising in iconic locations."