OUTFRONT Exiting Great White North, Selling OOH/DOOH Business To Canada’s Bell Media
October 26, 2023 by Dave Haynes
On the heels of news Clear Channel is continuing to back out of the European OOH/DOOH media market comes word that another US media owner, OUTFRONT, is also vacating a foreign market – albeit just over the border in Canada.
OUTFRONT has announced it is selling its Canadian business to Bell Media, a subsidiary of a telecommunications company that has expanded into broadcasting, publishing and outdoor media. The purchase price is $410 million CAD, in cash, and the transaction is expected to eventually close in 2024, subject to things like regulatory approvals.
At the start of this year, OUTFRONT had 9,325 total “faces” in the country, but only 200 or so of those are digital. The company did about U.S. $91.9 million in ad revenues in 2022.
“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, Chairman 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.”
“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, SVP, Sales and Sports, for Bell Media. “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.”
It appears Mark Boidman, well-known in digital signage and DOOH circles, was in the middle of this deal, with NYC-based Solomon Partners acting as financial advisor to OUTFRONT.
Bell first got into outdoor media in 2013 when it bought the Quebec-based billboard and street furniture company, Astral.