As traditional TV advertising continues to struggle, Bell Media is bolstering its OOH business with the acquisition of New York-headquartered Outfront Media’s Canadian business.

The deal, valued at $410 million in cash, was announced on Monday (Oct. 23) and is expected to close in 2024, subject to regulatory approval.

Outfront has a significant presence in Canada, operating 9,325 total displays across the country. The Canadian division generated revenues of US $91.9 million during the 2022 calendar year, according to a news release.

The Outfront Network joins Bell Media’s existing OOH network, Astral, which includes 45,000 faces in 20 cities and six airports across the country. Bell Media’s parentco, Bell, purchased Astral in 2013.

Bell Media’s Stewart Johnston, SVP of sales and sports, noted the rising importance of OOH in the company’s operations and pointed to Outfront’s “diverse array of assets,” in a statement.

“The out of home category continues to grow in importance as a mass reach advertising vehicle, while digital formats allow for greater targeting capabilities,” he said.

The transaction is being handled by Solomon Partners, acting as financial advisor to Outfront Media, and legal advisors Cravath, Swaine & Moore LLP and Davies Ward Phillips & Vineberg LLP. National Bank Financial provides financial advisory services to Bell Media, with legal counsel from Blake, Cassels & Graydon LLP.

Image of Toronto’s Yonge-Dundas Square, where Outfront has several faces, at night. Via Unsplash