APN Outdoor

APN Outdoor (originally standing for Australian Provincial Newspapers)[1] is an Australian outdoor advertising company based in Sydney, Australia. The company was founded by APN News & Media in 2004 when it consolidated the operations of its acquired outdoor ad firms Cody, Australian Posters and Buspak.[2][3] The company was acquired by JCDecaux in 2018.[4]

APN Outdoor
TypeSubsidiary
IndustryAdvertising
Founded2004 (2004)
FounderAPN News & Media
HeadquartersSydney, Australia
ProductsOutdoor advertising
ParentJCDecaux
Websitewww.apnoutdoor.com.au

History
Former APN Outdoor logo

In 2011, APN News & Media sold half the business to Quadrant Private Equity, and sold the other half for A$70 million in 2013.[5] This severed business links from APN News & Media, despite retaining the name "APN", which caused some confusion in the market until APN News & Media rebranded as HT&E in 2017.[1]

The business was listed as a public company on the ASX in 2014.[6][7] At the time of listing, Quadrant retained a 20% stake in the company and management held 2.5%.[3]

Richard Herring was CEO of the company from its founding until retiring after 22 years in 2017.[8] James Warburton became CEO in 2017.[9]

Proposed merger

In 2017, APN Outdoor had planned to merge with rival outdoor advertising company oOh!media, however both sides cancelled their plans following preliminary concerns from the Australian Competition and Consumer Commission.[10]

Takeover offer from JCDecaux

In June 2018, French multinational firm JCDecaux made a takeover bid worth A$1.1 billion, suggesting APN Outdoor would complement the former's existing Australian assets.[11] The takeover was approved in late 2018, shortly after which APN Outdoor ceased trading on the ASX to become a subsidiary of JCDecaux.[12]

References
  1. Ward, Miranda (4 May 2017). "APN News & Media rebrands as HT&E". Retrieved 26 May 2018.
  2. "APN Outdoor - Business Directory". Brand South Australia. Retrieved 26 May 2018.
  3. "APN Outdoor Group IPO Prospectus" (PDF). ASX. Retrieved 26 May 2018.
  4. Whitley, Angus (26 June 2018). "JCDecaux to Buy APN Outdoor for $831 Million in Australian Bet". Bloomberg.
  5. "APN set to sell outdoor business to Quadrant". AdNews. 22 October 2013. Retrieved 20 May 2018.
  6. Kaye, Bryan (21 October 2014). "Australia's APN Outdoor to raise $289 mln in IPO - source". Reuters. Retrieved 26 May 2018.
  7. Hayes, Alex (11 November 2014). "APN Outdoor close down on first day of trading". Mumbrella. Retrieved 20 May 2018.
  8. Doctor, Daisy (2 August 2017). "APN Outdoor CEO Richard Herring exits after 22 years". Ad News. Retrieved 26 May 2018.
  9. "Warburton continues APN shake-up". The Australian. News Corp Australia. 23 April 2018. Retrieved 26 May 2018.
  10. Doctor, Daisy (19 May 2017). "APN and Ooh! scrap merger, slam ACCC intervention". Ad News. Retrieved 26 May 2018.
  11. "APN shares leap after JCDecaux offer". Nine Finance. 21 June 2018. Retrieved 22 June 2018.
  12. Wallbank, Paul (15 October 2018). "APN Outdoor shareholders approve JC Decaux deal". Mumbrella.

Official website

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.