This excerpt taken from the CCO 8-K filed Dec 11, 2009.
Global Scale and Local Market Leadership. We are one of the largest outdoor media companies in the world. As of December 31, 2008, we operated approximately 907,000 outdoor advertising displays worldwide in urban and densely-populated real estate locations, providing advertisers with both a global and a local reach. Our global scale enables productive and cost-effective investment across our portfolio, which supports our competitive position.
Strong Collection of Assets. Through acquisitions and organic growth, we have aggregated a sizable portfolio of assets. The domestic outdoor industry is regulated by the Federal government as well as state and municipal governments. Statutes and regulations govern the construction, repair, maintenance, lighting, spacing, location, replacement and content of outdoor advertising structures. Due to such regulation, it has become increasingly difficult to construct new outdoor advertising structures. Further, for many of our existing billboards, a permit for replacement cannot be sought by
our competitors or landlords. Internationally, regulations vary by country and region but generally provide for limitations on the number, placement, size, nature and density of outdoor displays. As a result, our existing billboards in top demographic areas have significant value.
Attractive Outdoor Industry Fundamentals. We believe outdoor advertising offers a compelling value proposition to advertisers, broad reach, valuable out-of-home positions and low cost per thousand persons reached relative to other media. Accordingly, we also believe the outdoor industry is also well-positioned to benefit from the fragmentation of audiences of other media as it is able to reach mass audiences on a local market basis.
Attractive Long-Term Business Model. While spending on outdoor advertising is, like most media, correlated with the overall economy, we believe the industry holds attractive long term prospects and is well positioned to benefit from a macroeconomic recovery and has historically generated strong cash flows.
Experienced Management Team. We have an experienced management team from our senior executives to our local market managers. Our executive officers and certain outdoor senior managers possess an average of over 20 years of industry experience. The executive management team is led by Chief Executive Officer Mark P. Mays, who has been with Clear Channel Communications for more than 19 years (and with the Company since its acquisition). Many of our senior managers have managed the business through several business cycles.