oOh!Media pays $68.5m for CBD advertiser

Outdoor advertiser oOh!media is targeting a CBD audience with the $68.5 million purchase of Executive Channel Network, funding the move with a share placement.

Outdoor advertiser oOh!media is targeting the "premium CBD audience" with the $68.5 million purchase of Executive Channel Network.

The acquisition of ECN, which owns digital advertising spaces in city offices and car parks, will be largely funded by a $60 million share placement.

"The acquisition further enhances our position as Australia's largest reaching digital sign network and consolidates our number one position in the CBD office segment," oO!Media chief executive Brendon Cook said in a statement on Tuesday.