By Ben Glickman
Shares of Outfront Media rose after the company said it would divest its Canadian business.
The stock was up 5.1% to $9.55 in Monday trading. Shares are down 42% this year.
The New York-based outdoor advertising company said it would sell its Canadian business to Bell Media, a subsidiary of BCE, for 410 million Canadian dollars ($298.9 million).
Outfront’s Canadian business included 9,325 displays in 2022, generating $91.9 million in revenue.
The deal is expected to close in 2024.
Write to Ben Glickman at [email protected]
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