Outfront Media Inc. has entered an agreement to sell its Canadian business to Bell Media for C$410 million in cash. Photo courtesy Outfront Media Inc.
Outfront Media Inc. has entered an agreement to sell its Canadian business to Bell Media for C$410 million in cash.
The transaction is subject to certain adjustments and a holdback, as well as regulatory approval and other closing conditions. It is expected to close in 2024.
“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,” says Jeremy Male, chair and CEO of Outfront Media. “While we will miss our Canadian colleagues, we know the business we have built together will be in excellent hands with Bell Media.”
As of Dec. 31, 2022, Outfront’s Canadian business operated 9,325 total displays in Canada and generated US$91.9 million in revenues during that year.
“The out-of-home category continues to grow in importance as a mass reach advertising vehicle, while digital formats allow for greater targeting capabilities,” says Stewart Johnston, senior vice-president of sales and sports at Bell Media. “Outfront’s diverse array of Canadian assets reinforces Astral’s dedication to delivering impactful, multichannel 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.”
