SMG is selling Primesight, its outdoor advertising division, for up to £62 million to a private equity firm.
In a statement released today, SMG said that the GMT Communications Partners deal represents a clear uplift on previous offers.
Rob Woodward, chief executive of SMG, said: “This is a good price for the business and clearly ahead of where we were in the previous sale process. This is a strong example of the new Board delivering on its promises.
“The proceeds of the sale will strengthen SMG’s balance sheet while freeing the management team to concentrate on the turnaround of the television business and the disposal of our other non core businesses.”
SMG added that its television and cinema advertising divisions and Virgin Radio continue to trade in line with the board’s expectations for the current financial year.
Related Links
