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Titan announces loss of MTA New York contract
March 1, 2010
Titan has announced that after 13 months of intense negotiations, Titan and the MTA failed to reach an agreement on a restructured contract. The MTA is therefore ending its transit advertising contract with Titan and beginning a new one with CBS Outdoor, effective immediately. During the abysmal 2009 advertising recession, Titan had engaged in contract renegotiations with each of its 44 Transit Authority partners. Virtually all had agreed to new terms, and the MTA contract was the only major one outstanding. Throughout the discussions, Titan negotiated aggressively and in good faith and felt they would resolve the business issues with the MTA. The relationship between the companies had been a strong one, and prior to 2009 Titan had exceeded financial expectations and over-performed. The same would be true for its other Transit partners. "While this is disappointing news, Titan continues to be an extremely strong company with an experienced management team, deep relationships with transit authorities across the country and a proven commitment to our advertising partners," said Bill Apfelbaum, Titan's chairman. "With over 400 employees and $175 million of annual billings, Titan remains one of the most powerful forces in the Out of Home industry. We will still dominate the Transit Advertising industry in North America, with contracts in most of the top cities in the U.S. Titan also retains incredibly strong assets in New York, including over 2,000 Telephone Kiosk faces, Bulletins and Street Light Banners." During 2009, and in spite of the recession, Titan won new contracts in San Francisco, Oakland, Long Beach, Calif., Chicago and Seattle. Titan's latest offer to the MTA was believed to be worth more revenue to the Transit Authority than the new vendor. "Titan's management team and its employees are fully committed to continuing the company's growth in the future and look forward to a successful 2010," said Donald Allman, Titan's president and CEO.Related Media
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