To: All of Clear Channel - (Radio)
Subject: IMPORTANT ANNOUNCEMENT FROM JOHN HOGAN - Exciting News!
Good day, all:
I have some very exciting news that I wanted to share with you.
Clear Channel has acquired Metro Traffic, Total Traffic Network's (TTN) largest competitor, from Westwood One. Metro is a strong business with a tremendous customer base and distribution platform, and this agreement will strengthen our position as the leader in real-time traffic information and data.
This transaction reflects Clear Channel Radio's strategy of building leadership positions in the most attractive segments of the local media and content creation businesses. The combination of TTN and Metro Traffic will provide radio and TV stations, mobile devices and car navigation systems with up-to-the-minute real-time traffic information covering the widest possible area.
Together, they will deliver better and more comprehensive 24/7 traffic information toconsumers; stronger programming for affiliates; a broader reach and easier-to-buy platform for advertisers; and greater innovation in product development, service and digital technology.
Clear Channel Radio's traffic operations, including Metro Traffic, will continue to be led by Rick Baran, Chief Financial Officer of Clear Channel Radio. Steve Kalin will remain President of Metro Traffic, primarily overseeing the Radio traffic business. Fred Bennett will continue in his current role as President of the Metro Television business.
We will spend the next several months focused on integrating the two businesses and examining our operations. In the meantime, Metro and TTN will continue the good work they've been doing. We have a lot of challenges ahead, and we know they will stay on the top of their game.
This is an exciting opportunity and we will keep you posted with updates on our progress in bringing these two businesses together.
In the meantime, please join me in welcoming our new colleagues to Clear Channel.
TomzTake: Acquiring Metro will boost TTN income immediately and fits nicely in CC's hub-and-spoke news game plan. How soon do you think CC will start letting AP contracts lapse?