Ten Sells Off Eye Corp.

SYDNEY: Ten Network Holdings has signed a new and unconditional agreement to sell Eye Corp. to Outdoor Media Operations. 

The deal sees Eye’s operations in Australia, New Zealand, the U.K., the U.S. and Indonesia under new ownership. Outdoor Media Operations, which is controlled by Champ Private Equity, is the owner of oOh!media, an Australia-based outfit specialized in outdoor advertising.

Eye’s Australia, New Zealand and Indonesian operations, excluding the retained Australian onerous contracts, are valued at AUS$113 million ($117 million). The sale consideration will comprise $98 million cash and $15 million payable three years after the completion of the sale.

Ten says that it intends to use the proceeds from the sale to pay down debt.