News
Torstar strikes deal to sell digital screen network
January 16, 2008
TORONTO — Torstar Corp., owner of Canada's largest-circulation daily paper, has struck a deal to sell its Transit Television Network unit in the United States to IdeaCast Inc., a Chicago-based provider of custom television content and advertising to health clubs.
Financial terms of the transaction, announced late Wednesday, were not revealed.
If the sale goes ahead in the second quarter as planned, the Toronto multimedia company would acquire a stake in IdeaCast, which plans to expand the transit TV network across the United States.
Transit TV is North America's biggest transit-based digital adverting network operator. The company has installed and operates digital ad technology on the transit systems in Los Angeles, Chicago, Atlanta, Milwaukee and Orlando.
Transit TV provides advertising on 8,500 screens and is seen by more than 500 million riders a year on nearly 4,000 vehicles.
In a separate release from Chicago, IdeaCast said it plans to expand the Transit TV network to the top 10 U.S. markets and hire Nielsen Media Research to accurately measure how many riders are watching the transit network.
IdeaCast is one of the largest private satellite-cable providers in the world, exclusively distributing custom content and advertising to health clubs. The company also has multi-year agreements with CNN, CNBC and MSNBC to insert custom advertising into live programs.
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