Ten Network Holdings has entered into exclusive sales talks with one of the bidders for its outdoor business Eye, with Ooh!Media tipped as the likely suitor.
In a statement to the ASX, Ten said it has entered an “exclusivity agreement”, but did not reveal the identity of the bidder.
However, numerous reports have suggested Champ Private Equity's Ooh!Media is the interested party.
Some weeks ago, Ooh!Media chief executive Brendon Cook told AdNews Eye would be an asset that would certainly strengthen the company's portfolio, however he would not admit Ooh!Media was involved in any sales talks.
While it is understood APN News & Media and JCDecaux were part of earlier conversations, these parties dropped out of the race in recent weeks. APN is understood to have only dropped out this week.
Analysts have suggested Ten's outdoor business could be worth as much as $165 million.
The sale would allow Ten to pay down debts and increase investment in its programming. Ten has been losing out in the television space to its main competitors Nine and Seven in terms of ratings and revenue share.
Eye is the third largest operator in the Australian outdoor space, behind APN and Ooh!Media.
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