DAN Media being sold to Swiss company
The deal puts an end to the gloomy speculation that's swirled since DAN filed for bankruptcy protection in July.
Montreal HQ’d DAN (Digital Advertising Network) Media, which operates multi-format video screens in nearly 70 Canadian malls and about ten in the US, will be sold to Swiss-HQ’d Neo Advertising tomorrow for an undisclosed price. Warren Stelman, who founded DAN Media in 1999, will be succeeded by Christian Vaglio Giors as president/CEO, Toronto-based VP Ian Dobson tells Media in Canada.
Vaglio Giors will remain managing director of Geneva’s Neo Advertising, which is the leading digital signage operator in Switzerland. With its affiliates in Belgium, Germany and Spain, Neo plans to roll out a pan-European retail network of 50,000 digital panels by 2008.
Despite entering into a high-profile partnership with Clear Channel Malls (a division of Clear Channel Outdoor) to facilitate its entry into the US market last year, DAN filed for bankruptcy protection in July. Although speculation about the company’s probable demise has swirled ever since, Dobson says that ‘sales continued to be robust, although they declined somewhat – but now a new day is dawning for DAN’ as it hooks up with an international company of Neo’s calibre.