Clear Channel Outdoor has sold its Wichita and Fort Smith, Ark., businesses to Ashby Street Outdoor, a much smaller company based in Fayetteville, Ark.
“They did decide to sell off some of their markets across the country,” says Ashby Street CEO Jim Matalone. “They still have the vast majority of their markets.”
No one with Clear Channel could immediately be reached for comment.
Matalone says Wichita was a smaller market for Clear Channel, but for his company, it’ll be a big market.
“It will be a very important market for us,” he says.
Matalone says he’s retaining all 11 Clear Channel Outdoor employees in Wichita.
With the Wichita and Fort Smith acquisitions, the 10-person Ashby Street has grown to 36 employees.
“We are a traditional outdoor advertising company,” Matalone says.
He says the only noticeable difference with his company entering the Wichita market will be the name change on billboards around the city, which will take a few months to complete.
“It was a very quick transaction,” Matalone says.
The deal closed on Thursday.
“We don’t have any planned … changes in terms of how business is done,” Matalone says.
“Probably the biggest thing is we will be focusing a lot of attention to the market,” he says. “I think that increased attention will hopefully show in service.”