Metromedia to Sell Outdoor Ad Business
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SECAUCUS, N.J. — Metromedia said Monday that it will sell its outdoor advertising business and assets for $710 million.
Metromedia said it had reached an agreement in principle to sell “substantially all of the outdoor advertising business and assets” of its Foster & Kleiser division and of Outdoor Advertising Associates L.P. to Gerard P. Joyce, founder and president of Patrick Media Group of Scranton, Pa.
A statement issued by Metromedia said the sale was subject to approval of a majority of the limited partners of Outdoor Advertising, compliance with the Hart-Scott-Rodino Antitrust Improvements Act and completion of financing arrangements.
The deal is expected to be closed during the second quarter of 1986, the statement said.
Spokesmen for Metromedia and Joyce could not be reached for further details.
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