oOh!media rejected a media report claiming the out of home advertising group may be the subject of a management buyout.
Founder and CEO Brendon Cook says “the article is without any basis in fact”.
The company says it has not received a proposal regarding a management buyout.
"The company remains focussed on achieving organic growth by leveraging the reach and diversity of its product portfolio in the Out of Home media sector," it said in a statement to the ASX.
"oOh! is undertaking digital transformation, increasing efficiencies, enhancing products and offerings and maximising shareholder value creation by delivering long-term sustainable revenue and earnings growth."
oOh!media has been hit by weaker advertising on roadside billboards.
The company cut its earnings guidance for the rest of the year. Underlying EBITDA is forecast to be between $125 million and $135 million for the full year. Previous guidance was between $152 million and $162 million.
Underlying net profit after tax was $9 million, down 24%, in the six months to June. The statutory result was $515,000, down from $9.27 million in the same half last year.
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