VeriFone buys taxi ad business from Clear Channel

AP News
Posted: Jan 04, 2010 10:56 AM

VeriFone Holdings Inc. said Monday it has acquired the taxi advertising business of Clear Channel Outdoor Holdings Inc.

VeriFone, which provides electronic payment services, said the deal gives it 5,000 screens to sell advertising on in New York City cabs, adding to its network already of 6,500 screens.

The company did not release financial details of the acquisition. It said the deal will not be material to its financial results this year.

VeriFone shares rose 49 cents, or 3 percent, to $16.87 in morning trading, while Clear Channel rose 11 cents, or 1.1 percent, to $10.50.