MAM
News Corp exits from OOH biz in Russia & Romania
MUMBAI: US media conglomerate News Corp has completed the sale of its 79 per cent stake in News Outdoor Russia and News Outdoor Romania to a group of investors led by VTB Capital.
The two other investors are Nooh Investments Coöperatief U.A., representing Peter Gerwe, and Marathon Outdoor Coöperatief U.A., which is managed by Alfa Capital Partners.
The management has retained its 21 per cent holding in the business.
News Outdoor Russia is an outdoor advertising company in Russia with billboards in more than 50 cities.
This transaction completes News Corp’s divestment of its outdoor advertising business, with the exception of News Outdoor Czech Republic.
