TELEVISION broadcaster Ten Network Holdings said on Thursday that it had completed the long-anticipated sale of its Eye Corp outdoor advertising unit.
The buyer, which was reported several weeks ago, is Outdoor Media Operations (OMO), the owner of oOh!media, which is an Australian outdoor advertising specialist.
OMO is controlled by Champ Private Equity.
The $113 million sale price compares with a reported higher sale price offer of about $145 million only few months ago.
The agreement to sell Eye includes Eye's operations in Australia, New Zealand, US, UK and Indonesia.
OMO, with the assistance of Ten, intends to on-sell the US and UK operations of Eye to appropriate third parties.
Ten shares closed down one cent at 27 cents on Thursday, a fresh record low.
Ten in October launched a wide-ranging cost-cutting program, including cutting up to 100 jobs. Ten recently revealed a $13 million loss for the year ending August 31.
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