ARN Media sells Hong Kong outdoor assets to DFI Retail Group

ARN Media has offloaded two of its Hong Kong outdoor media businesses, Cody Outdoor and Buspak Advertising, to retail group DFI Retail for just over HK$30 million.

Announced overnight, the deal continues ARN’s strategy to dispose of its “non-core assets” and focus instead on its Australian operations.

Cody Outdoor International and Buspak Advertising operate a significant chunk of the city’s outdoor media assets, including buses, taxis, trams and tunnel environments. 

DFI Retail Group is one of the city's major retail players, with operations across food, health and beauty, home furnishings, restaurants and convenience retail, including 7-Eleven Hong Kong and Macau. 

DFI is owned by Jardine Matheson, the holding group for Mandarin Oriental, luxury shopping centre Landmark and several supermarket chains including Wellcome, Marketplace and Oliver’s.

ARN CEO Michael Stephenson said the sale of Cody was an important step in simplifying ARN’s portfolio of assets.

“The divestment of this non-core asset further strengthens our balance sheet, allows us to focus on our Australian operations and supports the delivery of our long-term strategic plan.”