Ooh Media on acquisition trail with $20m new capital

Ooh chief executive Brendon Cook said the capital raising would allow it to pay off debt as well as “providing flexibility to pursue the company’s organic growth plans and consider acquisitions that may arise in the future”.

“While Ooh continues to grow faster than the healthy out-of-home industry, increasing our market share and delivering consistent growth in EBITDA, we do see opportunity for further growth,” he said.

Fellow outdoor advertising company Eye Corp is a likely target for Ooh, according to the Australian Financial Review, which said this week that Eye’s parent company, Ten Network, is interested in offloading the outdoor company.

Last month, Ooh forecast revenues of $108m-$110m for the year ending 31 December 2010, up 27% from $86m last year.

Meanwhile, Eye Corp has retained the rights to advertise at Melbourne Airport following a competitive tender process.

The new contract, which commences 1 January, will for the first time include the external advertising signage at the airport. Previously external and internal media has been handled by different suppliers.

Robbie Dery, general manager of Eye Fly Australia and New Zealand, said: “We have an exciting new plan for the advertising sites which will create a strong media proposition across both the domestic and international terminals, as well as the large format external sites.”

Last month, Eye sold its ownership of retail printing specialist Adval to POS and display printer Active Display Group.

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