Ten Network has sold outdoor advertising business Eye Corp to oOh!media, owned by CHAMP Private Equity, for $145 million.
“The final cash proceeds will be subject to adjustments in respect of the sale proceeds of the US and UK operations, as set out below, and for agreed working capital levels, capital expenditure obligations, and transaction costs,” Ten said in a statement.
The move has been rumoured for several months.
Under the new agreement, some of Eye’s contracts will stay with Ten, but most assets will be subcontracted to oOh!media
The price of Australian exports has risen in the June quarter, according to the latest figures from the Australian Bureau of Statistics.
The figures show the export price index rose by 1% in June, taking the total decline this year to 3.8%.
The import price index rose 2.4% during June, while for the year to June, the index climbed 3.7%.
The Australian sharemarket took an early dive this morning, but has regained ground to be mostly flat following a weak but positive lead from the United States.
The benchmark S&P/ASX200 index was down 2 points or 0% to 4204.7 at 12.00 AEST, while the Australian dollar remained at $US1.04.
In the United States, the Dow Jones Industrial Average rose 34 points or 0.3%.
Independent MP Tony Windsor has said even if Labor were to replace Julia Gillard as prime minister, it would not necessarily mean a loss at the next Federal election.
“Minority governments can be formed without written agreements,” he told ABC Radio this morning.
“The new leader could enter parliament and assume the government benches until a vote of the parliament says he or she couldn’t.”
The comments come as speculation continues over whether Gillard will remain leader for long, with a rumoured return of former prime minister Kevin Rudd.
“If I’m confronted with it, I’ll look at it,” he said.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
