Media company Here, There & Everywhere (HT&E) has rejected a bid for its out of home division Adshel from outdoor advertising mogul oOh!media.
Neither company have disclosed what the bid was, but HT&E says the offer did not adequately reflect the value of Adshel.
A spokesperson for HT&E says, “No discussions are taking place at the moment but it is up to oOh!media now what they will do.”
While oOh! will not comment further on its exchange with HT&E specifically, it says it remains active in continuing to evaluate all opportunities.
[Related: Outdoor digital creeps up on print]
Adshel’s FY17 results show its revenue for digital grew by 23 per cent to $65.7m in 2017 from $53.6m the year before. Although print remained the majority source of income for the company at 50 per cent while digital was 30 per cent, revenue for the print sector went down to $110.9m last year from $112.1m the year before.
The company has also said it is looking to expand further into digital media, with plans to further digitise its street furniture network, which the company claims as the largest for any advertising company in Australia.
oOh!’s move to acquire Adshel comes after its $1.6bn merger with rival APN Outdoor was called off last year, with the ACCC raising concerns around the dominance of the out of home advertising market.
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