HT&E picks up a stake in oOh!media

Here, There & Everywhere has bought into outdoor advertising business oOh!media, picking up at least 11million shares.

HT&E owns the Australian Radio Network (ARN), and its brands, which include the KIIS Network, Pure Gold Network, iHeartRadio, The Edge96.One and Mix106.3 Canberra.

oOh!media notified the ASX and its shareholders that HT&E has bought a 1.8% stake in the company.

After its share price had plunged by around 70% in March, oOh!media had launched an emergency $167 million drive for capital late in the month.

In a statement to the ASX this morning, oOh!media said: “oOh!media is the leader in the Out of Home sector in Australia/New Zealand and the acquisition of oOh!media shares by another participant in the Australian media sector highlights the strategic value of oOh!media’s assets and in the Board’s view the company remains significantly undervalued based on current trading prices,” oOh!media said in a statement to the Australian Securities Exchange.

“oOh!media has not had any correspondence with HT&E in relation to its shareholding and regards the purchase as totally opportunistic.”




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