oOh! CEO Cathy O’Connor said a strategic review of the business had defined a renewed focus around oOh!’s objectives.
She told us “Our strategy is to concentrate on Out of Home and do what we do best – making brands unmissable through our unique advantages in delivering audiences at scale, leveraging our exclusive data sets and showcasing Out of Home’s creative power. Our corporate purpose is to make public spaces better, which means we will use our digital media assets to go beyond just advertising, providing contextually relevant information and content that enhances public spaces. We believe this gives us clear differentiation and increases the value of our assets and our advertising.”
As part of the strategic review, the company has determined that its core focus on Out of Home means that it will transition away from online digital publishing. oOh! is therefore appointing advisors to divest Junkee Media, its youth-orientated digital publishing business, which it expects to sell in the second half of this calendar year.
Cathy O’Connor continued “When I talk to advertisers and agencies, they tell me they want to reach the right audience at the right price, format and location to deliver the best ROI, but they also say it is equally important to have a strong creative message that cuts through. As the market leader, we will show brands how best to use Out of Home smartly and creatively to deliver better results. The Junkee team have done a great job building a powerful media brand, and the recent long-term partnerships with Google and Facebook are testament to the value inherent in the business and its promising future. We believe this decision gives Junkee the best opportunity to build on its legacy and become even more successful for many years to come.”
The move will see Neil Ackland, Junkee’s co-founder and current CEO, relinquish his Junkee position and remain at oOh! in his ongoing Chief Content, Marketing & Creative Officer role as part of the executive leadership team.
July 8th, 2021 at 19:37 @859
Over / Under odds they get sell it for more than the $11M they paid for it in 2016 ?