MEDIACOM CHANGES HANDS
By Adnews Staff
U.S.-based Gannett Co. Inc. has sold its Canadian outdoor advertising company, Mediacom of Toronto, to Outdoor Systems Inc. of Phoenix, Arizona. The sale was part of a $690 million(US) deal in which Gannett sold its outdoor advertising division. The deal doesn't include Gannett's Houston company, but Outdoor plans to buy that eventually as well. The disadvantage of the deal is that Mediacom will no longer be able to offer multimedia advertising through Gannett's other operations such as newspapers and radio. The sale is expected to close in August after regulatory approvals.
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