Bell Media has announced it’s entered into an agreement to acquire the Canadian business of outdoor and out-of-home media company, Outfront Media.
As of the end of 2022, Outfront operated 9,325 total displays in Canada, generating $91.9 million USD in revenue that year.
Bell is acquiring Outfront’s Canadian business for $410 million CDN in cash, excluding adjustments, with the transaction expected to close in 2024, subject to regulatory approval.
“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,” said Jeremy Male, Chairman and Chief Executive Officer, Outfront Media, in an announcement.
Stewart Johnston, Senior Vice-President, Sales and Sports, Bell Media, said Outfront’s assets are a natural compliment to the 45,000 advertising faces available under its own out-of-home division, Astral.
“The out of home category continues to grow in importance as a mass reach advertising vehicle, while digital formats allow for greater targeting capabilities,” said Johnston. “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.”
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