SAN ANTONIO AND MOUNTAIN VIEW, Calif., -- Clear Channel Radio and Google Inc., announced a multi-year agreement that enables Google to sell a guaranteed portion of 30-second advertising inventory available on more than 675 of Clear Channel's AM/FM stations. Specific financial terms are not being disclosed.
Under the agreement, Google™ Audio Ads advertisers will have national distribution, enabling them to reach specific audiences, at specific times, in targeted geographies. For Clear Channel, this agreement opens up an additional sales channel and provides supplemental revenue by making Clear Channel inventory available to advertisers who previously had not used radio.
"This is a true win-win," said John Hogan, Chief Executive Officer of Clear Channel Radio. "Clear Channel Radio gets access to an entirely new group of advertisers within a new and complementary sales channel, and Google adds another option for its existing customers. Google has proven its ability to gain premiums for advertising inventory and that fits perfectly into our broader strategy of building value for advertisers while increasing our overall revenue yield. We're committed to working with the best-in-class and Google has a real economic incentive to produce meaningfully higher CPMs."
"Clear Channel is the market leader in delivering radio value to consumers and advertisers and has built an innovative platform to manage its on-air ad inventory," said Eric Schmidt, Chief Executive Officer of Google. "We look forward to working with Clear Channel Radio by providing a unique set of advertisers and a system that will increase the effectiveness and measurability of connecting advertisers with radio listeners."
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