Google has signed a multiyear deal with Clear Channel Radio that allows the search company to sell radio advertising on more than 675 of Clear Channel's AM/FM stations, the companies announced Monday. Financial terms were not disclosed.
The agreement comes less than a week after Google agreed to buy DoubleClick for $US3.1 billion, a deal that is seen as strengthening Google's status as an online advertising powerhouse.
Under the agreement, Google Audio Ads advertisers will be able to reach specific audiences at specific times in targeted areas across the country. For Clear Channel, the deal makes Clear Channel inventory available to advertisers who previously had not used radio, according to the statement.
"This is a true win-win," John Hogan, CEO of Clear Channel Radio, said in the statement. "Clear Channel Radio gets access to an entirely new group of advertisers within a new and complementary sales channel, and Google adds another option for its existing customers."
Eric Schmidt, CEO of Google, said the deal will more effectively connect advertisers with radio listeners.
Clear Channel said the move is part of a larger initiative to differentiate its on-air ad inventory. The companies said the 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.
In his blog, Scott Silverman, strategic partner development manager at Google, said the deal gives Google's advertisers access to guaranteed inventory on top-rated AM and FM stations all over the U.S. "Since radio advertising is new for Google, we're excited to be able to learn from and collaborate with the market leader and ultimately bring more value to radio," he said.