July 21st, 2024

Bell Media signs deal to buy Canadian business of Outfront Media for $410 million

By The Canadian Press on October 23, 2023.

Bell Canada signage is pictured in Ottawa on Wednesday Sept. 7, 2022. Bell Media has signed a deal to buy the Canadian operations of outdoor advertising company Outfront Media Inc. for $410 million in cash. THE CANADIAN PRESS/Sean Kilpatrick

TORONTO – Bell Media has signed a deal to buy the Canadian operations of outdoor advertising company Outfront Media Inc. for $410 million in cash.

Stewart Johnston, senior vice-president, sales and sports at Bell Media, says the out-of-home advertising category continues to grow in importance as a mass reach vehicle, while digital formats allow for greater targeting capabilities.

Outfront Media’s Canadian business operated 9,325 displays in the country as of the end of 2022.

Outfront Media chair and chief executive Jeremy Male says the sale provides the company with additional financial flexibility as it focuses on its U.S. assets.

Bell Media, a subsidiary of BCE Inc., 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.

This report by The Canadian Press was first published Oct. 23, 2023.

Companies in this story: (TSX:BCE)

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