HT&E sells stake in Ooh Media for $49m
Here, There & Everywhere (HT&E) has sold its 4.2% shareholding in Ooh Media for $49 million.
The sale, for $1.78 per share, represents a $31 million gain for the media company which acquired the stake in the out of home company last year for $15 million.
“The sale further bolsters HT&E’s balance sheet following the ATO tax settlement last week,” HT&E said in a statement.
The move comes six months after HT&E and Australian Radio Network (ARN) CEO Ciaran Davis said outdoor advertising “will be one of the sectors that we’ll continue to look at”.
Both HT&E and Ooh Media declined to comment on the transaction when approached by Mumbrella.
HT&E has, at various times, been involved in the out-of-home sector. It sold its OOH arm Adshel to Ooh Media for $570 million in 2018 before investing in Ooh Media last year. The company was formerly known as APN News & Media.
The company also sold its 25% stake in mobile messaging software group Soprano Design earlier this year.
HT&E has been selling off non-radio assets for a while, offloading sporting content platform The Roar and closing Gfinity Esports in 2019.
