OUTFRONT Media to Divest its Canadian Business to Bell Media
NEW YORK and TORONTO, Oct. 23, 2023 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) and Bell Media announced today that they have entered into an agreement to sell the Canadian business of OUTFRONT Media to Bell Media, a wholly-owned subsidiary of BCE (TSX, NYSE: BCE).
- NEW YORK and TORONTO, Oct. 23, 2023 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) and Bell Media announced today that they have entered into an agreement to sell the Canadian business of OUTFRONT Media to Bell Media, a wholly-owned subsidiary of BCE (TSX, NYSE: BCE).
- As of December 31, 2022, OUTFRONT Media's Canadian business operated 9,325 total displays in the country and generated revenues of U.S. $91.9 million during that year.
- While we will miss our Canadian colleagues, we know the business we have built together will be in excellent hands with Bell Media."
- National Bank Financial Inc. is acting as financial advisor to Bell Media and Blake, Cassels & Graydon LLP is acting as legal advisor.