(Toronto) Bell Media announced Monday the signing of an agreement that will see it acquire the Canadian operations of outdoor advertising company Outfront Media for $410 million in cash.
Bell Media Senior Vice President of Sales and Sports Stewart Johnston argued that the outdoor advertising category continues to gain importance as a mass advertising vehicle, while digital formats enable greater advertising capabilities. targeting.
Outfront Media’s Canadian business, which operated 9,325 screens nationwide at the end of 2022, generated sales of US$91.9 million throughout the year.
Outfront Media President and CEO Jeremy Male said the sale provides the company with additional financial flexibility as it focuses on its U.S. assets.
Bell Media, a subsidiary of BCE, owns television and radio stations as well as digital and out-of-home media assets.
The company says the deal is expected to close in 2024, subject to regulatory approval and other closing conditions.
