VeriFone buys Taxi Media Sales from CC Outdoor

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Accelerating its strategic expansion into payment-enabled media, VeriFone Holdings has acquired the Clear Channel Taxi Media business from Clear Channel Outdoor. The acquisition is not expected to be material to 2010 results.


“As consumers shift to electronic transactions in taxicabs and other media-enabled locations, we have a unique ability to deliver dynamic and interactive campaigns with desirable and measurable advertising efficiencies. This is a very high value services opportunity.”

VeriFone intends to leverage this well-developed channel into its Media Solutions payment-enabled business, where in-taxi digital content is positioned to become one of the most innovative advertising venues as spending moves from traditional to online and digital place-based media.

“VeriFone is delivering Internet-enabled, multi-media technologies at the point-of-sale,” said Douglas Bergeron, VeriFone CEO. “As consumers shift to electronic transactions in taxicabs and other media-enabled locations, we have a unique ability to deliver dynamic and interactive campaigns with desirable and measurable advertising efficiencies. This is a very high value services opportunity.”

The acquisition includes relationships with a nationwide network of taxi media buyers and more than 20 media sales reps. With the buy, VeriFone has added an additional 5,000 taxicab ad endpoints to its existing NYC network of 6,500 cabs.

VeriFone’s expanded media sales force can now sell advertising to local and national buyers with a reach of 90% of all New York taxi cabs. Presently, there are some 300,000 taxi fares a day in NYC.

VeriFone Media Solutions now has sales reps in Boston, Chicago, Las Vegas, Miami, New Orleans, New York City and San Francisco.

CC Outdoor entered the taxi advertising business in 2000, with a significant percentage of the business centered on sales of taxi top advertising. In 2007 it entered the market for in-taxi digital place-based media.