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Company News Summary

Oohmedia Provides Market Update

19 May 2017  |  10:23:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Market Update

Oohmedia provided market update. The Company announced that the Scheme Implementation Deed between the Company and APN Outdoor Group has been terminated by mutual agreement, and the proposed merger will not proceed. The Company is disappointed with the outcome, particularly in light of the broad commercial recognition of the increased market power of international online players and the diversity of media options within the Australian media market. The Company also confirms the intention to spend between $35-$40m in capex on conversion of signs to digital and development of business and data systems, to continue deployment of digital strategy which remains on track.

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