Google to Sell Ads on Clear Channel's AM/FM Stations

Clear Channel Radio and Google Inc. (NASDAQ: GOOG), today 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.

"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."

Clear Channel Radio's national and local sales forces will continue to focus on the company's most lucrative advertiser relationships, and on the many advertisers who seek specialized advertising packages and concepts. Google will focus primarily on advertisers who currently run ads online but do not run ads on radio.

This agreement complements an existing online advertising partnership in which Google provides text ads to Clear Channel's radio-station Web sites through the company's Online Music & Radio Unit.