CanWest's Eye Corp acquires major U.S. mall advertising company
December 04 2006 - 7:20PM
PR Newswire (US)
CanWest investment poised to become one of the largest mall
advertisers in United States WINNIPEG, Dec. 4
/PRNewswire-FirstCall/ -- CanWest Global Communications Corp.
announced today that Eye Corp. (Eye), a wholly owned out-of-home
advertising subsidiary of The Ten Group Pty Limited, in which
CanWest has a 56.4% economic interest, has acquired 100% of the
interests of Foxmark Media LLC, of Chattanooga Tennessee. Foxmark
has long-term concessions with mall operator Westfield Corporation
including the rights to the static advertising in 49 Westfield
Centers and another 21 independent malls. Eye Corp established its
U.S. subsidiary Eye Shop Mall Media network in June of this year
when it purchased the mall advertising business of Media Choice
LLC. The Foxmark acquisition will now see Eye Shop's portfolio
offer a mixture of 3800 internal and external, static and scrolling
displays across a network of almost 300 shopping malls across the
United States. Gerry Thorley, Chief Executive Officer of Eye Corp.
said this acquisition puts the company well on its way to be one of
the largest players in mall advertising in the United States. Tom
Strike, President of CanWest MediaWorks International, echoed
Thorley's enthusiasm on the announcement, "Eye Corp. is a champion
in the out-of-home advertising sector in every market in which they
operate. In a few short months Eye has made several key strategic
investments which has vaulted it into a leadership position in the
world's most important retail economy, and given CanWest a toehold
in the lucrative U.S. advertising market." The acquisition of
Foxmark is expected to close in mid-December 2006. Earlier this
year, Eye acquired advertising rights at approximately 150 shopping
mall properties, and entered into an agreement to become the
preferred media supplier of static and digital mall advertising
solutions at an additional 56 malls. This news release contains
certain comments or forward-looking statements that are based
largely upon the Company's current expectations and are subject to
certain risks, trends and uncertainties. These factors could cause
actual future performance to vary materially from current
expectations. The Company disclaims any intention or obligation to
update any forward-looking statement even if new information
becomes available as a result of future events or for any other
reason. CanWest Global Communications Corp.
(http://www.canwestglobal.com/), (TSX: CGS and CGS.A, NYSE: CWG) an
international media company, is Canada's largest media company.
CanWest is Canada's largest publisher of daily newspapers and also
owns, operates and/or holds substantial interests in conventional
television, out-of-home advertising, specialty cable channels, web
sites and radio stations and networks in Canada, New Zealand,
Australia, Turkey, Singapore, Indonesia, Malaysia, the United
Kingdom and the United States. DATASOURCE: CanWest Global
Communications Corp. CONTACT: Geoffrey Elliot, Vice President,
Corporate Affairs, Tel: (204) 956-2025, Fax: (204) 947-9841,
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