oOh!media Limited has announced that it has entered into an agreement to purchase 100 per cent of the share capital of Executive Channel international (ECN) for $68.5 million.
oOh! Chief Executive Brendon Cook said the acquisition of ECN is an exciting opportunity for oOh! to expand its digital presence, particularly targeting the premium CBD audience that is highly valuable to advertisers.
“The acquisition will consolidate oOh!’s market leading position in the highly valuable CBD office segment. It is in line with oOh!’s strategy of driving engagement with audiences through a diversified portfolio of digital and classic screens in unmissable locations and will further enhance our digital market leadership. The combination of the businesses will deliver significant cost synergies and value-creation opportunities,” Mr Cook said.
ECN operates a network of digital displays in CBD office towers and car park environments across Australia. The company has installations in over 280 different venues delivering real-time content and advertising, and is underpinned by strong relationships with more than 110 property owners.