VeriFone Acquires Taxi Media Sales

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VeriFone Holdings has acquired the Clear Channel Taxi Media business from Clear Channel Outdoor. Financial terms were not disclosed.
 
VeriFone intends to leverage this well-developed channel into VeriFone’s Media Solutions payment-enabled business, where in-taxi digital content is positioned to become an innovative advertising venue 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 G. Bergeron, CEO of VeriFone. “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 experienced media sales representatives. With the acquisition, VeriFone has added an additional 5,000 taxicab advertising endpoints to its existing New York City 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 percent of all New York taxi cabs. Presently, there are approximately 300,000 taxi fares a day in New York City.