Management at British media owner Ocean Outdoor are giving a vote of confidence to the digital out-of-home sector by agreeing a buyout of the company from its early-stage investors.
Their decision also appears to mean that Ocean will remain independent for the foreseeable future and not see its out-of-home estate swallowed by one of the bigger players.
That estate includes about 15 giant digital screens in landmark locations around Britain as well as non-digital backlit and banner properties, again in prominent positions.
Said Daniel Sasaki, managing director of Lloyds Banking Group’s LDC London unit, which is backing the management buyout: “The Ocean team, led by Tom Goddard and Tim Bleakley, presented a compelling story of what has been achieved to date, together with their exciting plans for the future. This includes further expansion of its premium location footprint, as well as pushing for a more central role as cross-media digital audiences converge.”
Added Ocean’s chairman Tom Goddard: “Securing the backing of LDC is a strong endorsement of the Ocean brand and team, all of whom will be going forward with the business, led by our brilliant CEO, Tim Bleakley. There is an important role for Ocean to continue leading this key market sector and as such I believe this news will be welcomed across the whole media industry.”