Zoom Media sells minority stake to ABS Capital Partners
Montreal-based out-of-home media company Zoom Media has sold a minority equity position in the company to ABS Capital Partners of Baltimore for US$30 million. The money will be used to expand Zoom's inventory of digital display screens and to make acquitisions. "Digital trumps everything and given the sea change occurring in media, this is the ideal time to expand our digital offerings," said François de Gaspé Beaubien, chairman and CEO of Zoom Media. "We are extremely pleased to welcome ABS as a partner. They have been a pioneer in digital out-of-home networks and we are fortunate to be able to rely on their expertise as we continue to grow." Zoom has digital displays in approximately 2,500 venues in Canada and the United States, as well as static indoor billboards in about 8,000 venues in North America.