NEW YORK and TORONTO, Oct. 23, 2023 /CNW/ — OUTFRONT Media Inc. (NYSE: OUT) and Bell Media announced today that they have entered into an agreement to sell the Canadian business of OUTFRONT Media to Bell Media, a wholly-owned subsidiary of BCE (TSX, NYSE: BCE). The purchase price is C$410 million in cash (Insider Note: approx. $300 million US), subject to certain adjustments and a holdback. The transaction is expected to close in 2024, subject to regulatory approval and other closing conditions.
As of December 31, 2022, OUTFRONT Media’s Canadian business operated 9,325 total displays in the country and generated revenues of U.S. $91.9 million during that year.
Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media, said: “The sale of our Canadian business highlights the value of our assets and will provide us with additional financial flexibility as we focus on our U.S. assets. While we will miss our Canadian colleagues, we know the business we have built together will be in excellent hands with Bell Media.”
Stewart Johnston, Senior Vice-President, Sales and Sports of Bell Media, said: “The out of home category continues to grow in importance as a mass reach advertising vehicle, while digital formats allow for greater targeting capabilities. OUTFRONT’s diverse array of Canadian assets reinforces Astral’s dedication to delivering impactful, multi-channel marketing solutions, while accelerating Bell Media’s digital strategy. The synergy between OUTFRONT’s established expertise and our commitment to driving innovation will provide clients with tremendous opportunities on a true coast-to-coast footprint.”
Solomon Partners, L.P. is acting as financial advisor to OUTFRONT Media Inc. and Cravath, Swaine & Moore LLP and Davies, Ward, Phillips & Vineberg LLP, are serving as legal advisors. National Bank Financial Inc. is acting as financial advisor to Bell Media and Blake, Cassels & Graydon LLP is acting as legal advisor.
About OUTFRONT Media Inc.
OUTFRONT leverages the power of technology, location, and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.
About Bell Media
Bell Media is Canada’s leading content creation company with premier assets in television, radio, digital and out-of-home media, including 35 television stations that are part of the CTV and Noovo networks; 26 specialty channels, including sports leaders TSN and RDS; bilingual TV and streaming service Crave; the iHeartRadio Canada brand encompassing 215 music channels, including 103 radio stations in 58 Canadian markets; and the Astral out-of-home advertising network. Bell Media is also a partner in Montréal’s Grande Studios, Just for Laughs and Dome Productions, one of North America’s leading production facilities providers. Bell Media is part of BCE Inc. (TSX, NYSE: BCE), Canada’s largest communications company. Learn more at BellMedia.ca.
To receive a free morning newsletter with each day’s Billboard insider articles email info@billboardinsider.com with the word “Subscribe” in the title. Our newsletter is free and we don’t sell our subscriber list.
Paid Advertisement
