OUTFRONT Media Announces Sale Of Sports Marketing Business

Rhea-AI Summary

OUTFRONT Media Inc. (NYSE: OUT) has announced the completion of the sale of its Sports Marketing operating segment to Playfly Sports. This segment holds marketing and multimedia rights for various colleges and universities across the United States. The strategic move follows OUTFRONT's focus on leveraging technology and creativity to connect brands with consumers through its expansive outdoor advertising assets.

Positive

• Strategic divestiture of Sports Marketing segment allows OUTFRONT to focus on core advertising business.
• Potential for increased operational efficiency and revenue growth through enhanced focus on outdoor advertising.

Negative

• Loss of Sports Marketing revenue may impact short-term financial performance.
• Dependence on core advertising business after divesting a potentially profitable segment.

News Market Reaction – OUT

-5.45%

-5.45% Session move

In the trading session that priced this news, OUT declined 5.45%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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NEW YORK, Sept. 17, 2020 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that it has completed the sale of its Sports Marketing operating segment to Playfly Sports (Playfly,LLC). The Sports Marketing operating segment is the marketing and multimedia rights holder for a variety of colleges, universities and other educational institutions across the United States.

About OUTFRONT Media Inc.
OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.

Contacts:
Investors:	Media:
Gregory Lundberg	Courtney Richards
(212) 297-6441	(646) 876-9404
greg.lundberg@OUTFRONTmedia.com	courtney.richards@OUTFRONTmedia.com

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/outfront-media-announces-sale-of-sports-marketing-business-301133607.html

SOURCE OUTFRONT Media Inc.

FAQ

What was the recent announcement by OUTFRONT Media regarding Sports Marketing?

OUTFRONT Media announced the completion of the sale of its Sports Marketing operating segment to Playfly Sports.

When did OUTFRONT Media complete the sale of its Sports Marketing segment?

The sale was completed on September 17, 2020.

How will the sale of the Sports Marketing segment affect OUTFRONT Media's business?

The sale allows OUTFRONT Media to refocus on its core outdoor advertising business, but it may impact short-term financial performance due to lost revenue.

What is the stock symbol for OUTFRONT Media?

The stock symbol for OUTFRONT Media is OUT.