Bell Media Studios in Toronto.
Courtesy of BCE
Bell Media has announced a deal to purchase the Canadian outdoor advertising assets of U.S.-based Outfront Media for $410 million in cash.
The deal, expected to close in 2024, will see New York-based Outfront Media, formerly CBS Outdoor, sell its advertising space in Canada to bolster its American business. “The sale of our Canadian business underscores the value of our assets and provides us with additional financial flexibility as we focus on our U.S. assets,” Jeremy Male, chairman and CEO of Outfront Media, said in a statement Monday.
Outfront Media has approximately 9,325 displays in Canada as of the end of 2022, including digital and physical billboards, bus, bank and other out-of-home advertising platforms. Toronto-based Bell Media acquired competitor Astral Media in 2013, which included an outdoor advertising operation to compete with Outfront Media’s presence in Canada.
Now Canada’s outdoor advertising landscape is consolidating as local linear TV networks, including Bell Media’s CTV brand, come under pressure as advertising dollars increasingly flow online.
Stewart Johnston, senior vice president of sales and sports at Bell Media, added that the company’s out-of-home advertising business has become an increasingly important mass advertising tool for the Canadian media giant due to its greater targeting capabilities.
“Outfront’s diverse offering of Canadian assets underscores Astral’s commitment 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 our customers with tremendous opportunities with a true coast-to-coast presence,” added Johnston.
“Evil alcohol lover. Twitter junkie. Future teen idol. Reader. Food aficionado. Introvert. Coffee evangelist. Typical bacon enthusiast.”