Outdoor media giant oOh! has acquired digital publisher Junkee Media as part of its long term digital strategy in the out-of-home sector.
The agreement will see oOh! own 85 per cent of Junkee Media in a deal valued at $11m, with a right to acquire the remaining 15 per cent of shares from shareholders.
Junkee Media publishes three online news sites and two native content platforms with an audience reach of some 1.25 million readers.
The out-of-home group’s acquisition reflects oOh!’s renewed focus on digital content and its growing network of digital outdoor screens.
[Related: OOH giants fight for $500m outdoor contract]
oOh! chief executive Brendon Cook says, “These content platforms have generated new revenue from advertisers who have invested in campaigns that combined OOH advertising with native content running across social, online and mobile platforms.”
Despite the push to furnish its outdoor assets with digital, 68 per cent of oOh! revenue is still generated from printed outdoor signage.
“There are still enormous opportunities in static outdoor and the vast majority of work we do still involves print, so we have two bows in our arrow- print and digital,” Cook told ProPrint.
Junkee is set to be maintained as a standalone enterprise with its existing management team in place.
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter