￼Ten has sold its outdoor operation, the broadcaster has announced. Eye has been sold to oOh! Media, which is controlled by Champ Private Equity. The deal values the company at $145m including $120m cash and $25m deferred for three years.
Ten’s CEO James Warburton, said: “We are pleased with the outcome of the strategic review of Eye that was announced on March 19. Successful completion of the transaction… will be good news for Ten. It will make our balance sheet stronger by further reducing debt and will give us additional opportunity to invest in the creative renewal of Ten’s television content.”
The network says it will also use the cash to pay down debt. oOh! will look to sell Eye’s UK and US assets.
Brendon Cook, OoH!’s CEO, said: “Combining these two companies will provide Australian advertisers with a broader range of solutions and innovative products to expand their reach in a competitive and rapidly evolving media environment.”