OUTFRONT Media Inc. and Bell Media Inc. have closed the sale of OUTFRONT Media’s Canadian business to Bell Media for a purchase price of C$410 million in cash, subject to certain purchase price adjustments.
“The sale of our Canadian business illustrates the inherent value of our out-of-home assets,” says Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. “It will enable us to proactively reduce our financial leverage and also focus entirely on operating what is now a fully domestic business here in the United States.”
“This acquisition marks a significant milestone for Bell Media and solidifies our leadership position in the out-of-home space,” says Sean Cohan, President of Bell Media. “Our now expanded national inventory of both digital and out-of-home assets will drive even better, industry-leading results for our advertising partners.”
