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Fairfax Financial buys majority of Rouge Media
Fairfax Financial of Toronto has acquired a majority ownership stake in Rouge Media Group, an out-of-home advertising company also based in Toronto. According to the company, the sale will allow Rouge Media to increase its activities in Canada and the United States through expansion and acquisitions. Martin Poitras, president and CEO of Rouge Media, will continue to head the company, along with its current management staff.
"After reviewing all our options over the past few years, it became clear that, for the future of Rouge Media, Fairfax was the ideal partner to support our planned growth strategy," said Poitras. "They have an inspiring story and a strong track record of supporting Canadian entrepreneurs who have seen success over the long term. It was also vital for us to find a partner that shared similar business values and practices, as well as offer long term shareholder value. Fairfax thinks big and so does Rouge. They are an incredibly supportive partner and we will take our growth one step at a time, ensuring each new asset is integrated properly before moving to the next phase. We have a solid 10-year plan that we have already begun to execute on, which includes increasing markets beyond North America."
Using the resources of Fairfax, Rouge has recently acquired US-based On Campus Media, an out-of-home company that operated digital and mobile inventory on approximately 450 US college campuses.