oOh!media has put up Junkee Media for sale, as it concentrates on its core out-of-home business.
CEO Cathy O’Connor says a strategic review of the business defined a renewed focus.
The outdoor media company bought Junkee in 2016, paying $11.05 million for 85% of the youth publisher with a right to acquire the remaining 15% of shares.
“Our strategy is to concentrate on OOH and do what we do best – making brands unmissable through our unique advantages in delivering audiences at scale, leveraging our exclusive data sets and showcasing out-of-home’s creative power,” she says.
“Our corporate purpose is to make public spaces better, which means we will use our digital media assets to go beyond just advertising, providing contextually relevant information and content that enhances public spaces.
"We believe this gives us clear differentiation and increases the value of our assets and our advertising.”
The company will transition away from online digital publishing, appointing advisers to divest Junkee Media, its youth-orientated digital publishing business.
A sale is expected in the second half of this calendar year.
O’Connor says the company’s strategy is evolving to take advantage of numerous opportunities in OOH.
“When I talk to advertisers and agencies, they tell me they want to reach the right audience at the right price, format and location to deliver the best ROI, but they also say it is equally important to have a strong creative message that cuts through," she says.
“As the market leader, we will show brands how best to use out-of-home smartly and creatively to deliver better results.
“The Junkee team have done a great job building a powerful media brand, and the recent long-term partnerships with Google and Facebook are testament to the value inherent in the business and its promising future. We believe this decision gives Junkee the best opportunity to build on its legacy and become even more successful for many years to come.”
Neil Ackland, Junkee’s co-founder and current CEO, will leave his Junkee position and remain at oOh! in his chief content, marketing & creative officer role.
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