Independent News & Media's South African operations has joined with the Texas-based Clear Channel Communication company to buy a controlling interest in South Africa's biggest outdoor advertising company, Corpcom.

Independent and Clear Channel are paying 468 million South African rand (#66.4 million) in cash for a majority shareholding. The investment bank Corpgro currently owns 67 per cent of Corpcom and will remain a one-third shareholder in the new holding company.