Michael Stephenson. Credit: ARN
ARN Media has sold its Hong Kong out-of-home advertising business, Cody Outdoor International (Hong Kong) and Buspak Advertising (Hong Kong), to DFI Retail Group for HK $30.2 million, about AUD $5.6 million.
The media group flagged its exit from the Hong Kong out-of-home sector last year, redirecting capital and management resources to its Australian operations.
The sale completes that exit and is expected to close in the second half of 2026.
ARN chief executive Michael Stephenson said the sale simplified the company's asset portfolio.
"The divestment of this non-core asset further strengthens our balance sheet, allows us to focus on our Australian operations and supports the delivery of our long-term strategic plan," Stephenson said.
ARN will receive 75% of the sale proceeds up front and the remaining 25% 12 months after completion, with net proceeds applied to debt.
The deal will also release A$30.5 million in bank guarantees on completion, subject to customary adjustments and third-party consents.
DFI Retail Group operates retail formats and brands across Asia.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.