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PARIS - French outdoor advertising firm JCDecaux SA said Tuesday that negotiations to buy Russian rival News Outdoor Group from media giant News Corp. have ended because the credit crisis has made financing a deal too difficult.
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"The two groups take note of the economic conditions and the conditions of the capital market which made the conclusion of a strategic partnership of this sort more and more difficult," said the statement by JCDecaux, the world's second-biggest seller of outdoor advertising.
JCDecaux announced last week it was in exclusive talks with Rupert Murdoch's News Corp. over a possible cash-and-shares offer for News Outdoor Group, which sells billboard advertising space in Russia, Poland, Ukraine and elsewhere in Eastern Europe and Southeast Asia.
Murdoch has said fears his investment was not protected in Russia prompted his desire to sell News Outdoor, which is also mired in an ongoing investigation into negligence charges against a top official at the Moscow city government's advertising committee.
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