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Clear Channel Outdoor and GIIR Form Strategic Alliance to Strengthen Outdoor Advertising Opportunities in Korea.

PHOENIX -- Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

--Clear Channel Outdoor Continues to Build its Presence as an Established Player in Asia-Pacific Marketplace

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) today announced that it has entered into a strategic alliance with GIIR Inc. (KOSPI:035000 KS), which owns LG Ad, Korea's second largest advertising agency, among other companies, to explore outdoor advertising opportunities in Korea.

"Korea is one of the top ten advertising markets in the world with a strong economy and growing consumer base," noted Paul Meyer, Global President of Clear Channel Outdoor. "It is the type of market that will be increasingly attractive to our global advertisers"

"This alliance will undoubtedly strengthen our position among market leaders in the field of advertising and media," said Dr. Chong Suk Lee, Vice Chairman and CEO of GIIR. "In real terms, our ultimate goal is to provide the best communications and marketing solutions to our corporate clients and our entry into the out-of-home business will very much facilitate our efforts."

Clear Channel Outdoor has established itself as a player in the Asia-Pacific market with established operations in Hong Kong, Singapore, Thailand and India and is the majority shareholder in Clear Media Ltd. (HK:0100), China's leading street furniture company. Additionally, Clear Channel Outdoor participated in a joint venture that operated the media concessionaire contract for Korea's Seoul Incheon International Airport from 2001 to 2006.

"We are looking at roughly a 900 billion Korean Won OOH market in Korea (based on annual industry figures) with great potential towards consolidation and development," added Sung Hun Lee, Vice President of GIIR. "Combining our company's local expertise, experience and resources, along with everything that Clear Channel Outdoor, the number one global out-of-home player, brings to the table will provide us with a sound basis to approach the outdoor advertising business."

About Clear Channel Outdoor

Clear Channel Outdoor is the world's largest outdoor advertising company with over 870,000 displays in more than 50 countries across six continents. In the United States, the company operates over 144,000 advertising displays and has a presence in 45 of the top 50 Designated Market Areas. It also operates airport, rail, taxi and mall advertising businesses worldwide. Its Spectacolor (U.S.) and DEFI (international) divisions are the global market leaders in spectacular sign displays, including in New York's Times Square. Adshel(TM) is the company's international street furniture division, which operates more than 3,500 municipal advertising contracts worldwide. More information may be found by visiting www.clearchanneloutdoor.com.

About GIIR

GIIR is the first and a leading, full service marketing and communications group consisting of 13 companies and employing over 450 professionals. The GIIR group of companies include advertising agencies (LG Ad, LG Ad New York, Wunderman Korea, W Brand Connection, 20/20), media investment management agencies (M.Hub, Alchemedia) and an entertainment business (ZooMoney). LG Ad, Korea's second largest advertising agency, recorded 604 million US Dollars in billings in FY2005. For more information, please see www.g2rgroup.com. WPP became the largest shareholder of GIIR in December of 2002 and currently holds 28.2% stakes.
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Publication:Business Wire
Date:Jul 6, 2006
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