The outdoor media owner, based in Paris, has confirmed it is in exclusive discussions with News Corporation about a potential transaction relating to News Outdoor Group.
The French out-of-home company said the proposed transaction would involve cash and shares and would result in a merger of the assets of the two outdoor firms.
JCDecaux is the second largest outdoor advertising agency in the world. The company generated more than €2.1bn (£1.7bn) in revenue during 2007 and €1,067.6m (£849m) in the first half of this year.
News Outdoor Group has concentrated in developing markets such as Russia, Eastern Europe and south-east Asia.
News Outdoor is currently under investigation in Russia
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