OUTFRONT Media and Bell Media announce the conclusion of an agreement for the sale of OUTFRONT Media and its Canadian operations – Bell Media
New York, June 10, 2024 – Today, OUTFRONT Media Inc. (NYSE: OUT) announced that it has reached an agreement to sell its Canadian operations to Bell Media Inc., a wholly-owned subsidiary of BCE Inc. (TSX, NYSE: BCE) for the sum of 410 million Canadian dollars in cash, subject to certain adjustments to the selling price.
Jeremy Male, President and CEO of OUTFRONT Media, stated: “The sale of our Canadian operations demonstrates the value of our advertising assets. It allows us to proactively reduce our financial leverage and focus all of our efforts on the national operation of the business here in the United States.”
Sean Cohan, President of Bell Media, said: “This acquisition is a significant milestone for Bell Media, making it the leading player in the Canadian advertising industry. By leveraging our expertise to create impactful marketing solutions and integrating digital and static assets in advertising, Bell Media will continue to offer advertisers unparalleled advertising partnership opportunities nationwide.”
About OUTFRONT Media Inc.
OUTFRONT leverages the power of technology, location, and creativity to connect brands with consumers outside their homes through one of the largest and most diversified offerings of billboards, street furniture, and mobile assets in North America. With its technological platform, OUTFRONT will fundamentally change the way advertisers engage their audience on the go.
About Bell Media
Bell Media is Canada’s leading media and entertainment company. It has a wide range of leading assets in video, audio, outdoor advertising, and digital. These assets include the country’s most-watched television network CTV; the largest broadcaster owned by a Canadian company, Crave, which offers a premium option to add STARZ; a powerful range of specialty channels; the most trusted news brand, CTV News; leading Canadian multiplatform sports brands, RDS and TSN; a leading outdoor advertising network, Astral; the growing general French-language network in Quebec, Noovo; the country’s top radio and podcast app, iHeartRadio Canada; and a range of award-winning original productions, brands, and services. As a content leader and partner of Sphère Média, Studios Grandé de Montréal, and Dome Productions, one of the leading production facilities in North America, Bell Media is committed to entertaining and informing Canadians.
Bell Media also offers leading technological, marketing, and analytical support through the Bell Marketing platform, an omnichannel self-service platform that includes Bell Analytics, Audience Strategic Management, and Bell DSP, as well as advanced advertising solutions, including linear addressable television, addressable audio, and Crave ads. Bell Media is owned by BCE Inc. (TSX, NYSE: BCE), Canada’s largest communications company. For more information, visit BellMedia.ca.