The Scottish Media Group (SMG) has announced the acquisition of UK cinema advertising contractor, Pearl & Dean, for £22.2 million. SMG purchased Pearl & Dean from French cinema ad company Mediavision (45.1%) and private investors (53.5%). The further 1.4% will be retained by Circuit A, another of France’s cinema advertising companies.
Pearl & Dean has more than a 30% share of the UK cinema advertising market, and sells ads on 840 screens in 250 cinemas throughout the UK. Last year, the ad group reported a turnover of £14.4 million. Andrew Flanagan, chief executive of SMG, said: “The acquisition fits well with our existing operations, strengthens our presence in the UK marketplace and will enhance shareholder value.”
Roger Hatchuel will remain non-executive chairman at Pearl & Dean, and Christine Costello – previously commercial director of SMG’s newspaper business – has been appointed managing director of the company.
Scottish Media Group: 0141 300 3000 Pearl & Dean: 0171 636 5252
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