U.S. company pays $26m SEC fine over Chinese bribery allegations

Clear Channel Outdoor said to have ignored 'repeated red flags' at Chinese subsidiary

Clear Media, a former Chinese subsidiary of U.S. advertising company Clear Channel Outdoor, sells advertising space at bus stops and other venues in top-tier cities like Beijing and Shanghai. © Reuters

PAK YIU and ECHO WONG, Nikkei staff writers

September 29, 2023 15:19 JST

Updated on September 30, 2023 12:31 JST

HONG KONG -- Advertising company Clear Channel Outdoor Holdings has agreed to pay more than $26 million to settle charges it allegedly bribed Chinese officials to obtain advertising contracts, according to the U.S. financial regulator.

Clear Media, a Chinese subsidiary of the San Antonio-based Clear Channel at the time of the allegations, allegedly paid Chinese officials with gifts and by using third-party consultants to win contracts to provide advertising on public bus shelters and other outdoor surfaces, the U.S. Securities and Exchange Commission said in a statement on Thursday.