Outfront Media to sell Canadian business to Bell Media for C$410M in cash

Outfront Media (OUT) and Bell Media announced that they have entered into an agreement to sell the Canadian business of OUTFRONT Media to Bell Media, a wholly-owned subsidiary of BCE (BCE). The purchase price is C$410M in cash, subject to certain adjustments and a holdback. The transaction is expected to close in 2024, subject to regulatory approval and other closing conditions. As of December 31, 2022, Outfront Media’s Canadian business operated 9,325 total displays in the country and generated revenues of $91.9M during that year.