Ten Network has sold outdoor advertising business Eye Corp to oOh!media, owned by CHAMP Private Equity, for $145 million.
“The final cash proceeds will be subject to adjustments in respect of the sale proceeds of the US and UK operations, as set out below, and for agreed working capital levels, capital expenditure obligations, and transaction costs,” Ten said in a statement.
The move has been rumoured for several months.
Under the new agreement, some of Eye’s contracts will stay with Ten, but most assets will be subcontracted to oOh!media
This article first appeared at SmartCompany.