April 30, 2009
London – Primesight has failed in its bid to buy beleaguered outdoor outfit Streetbroadcast after a late move by investment vehicle Redbus Group.
It is understood that Redbus, which specializes in buying the assets of struggling companies within the media and telecoms industries and counts the likes of DVD rental outfit LoveFilm among its investments, moved quickly over the past few days to purchase the entire assets of Streetbroadcast yesterday (29 April).
Media Week reported earlier this week that Primesight was poised to buy Streetbroadcast’s retail park business but negotiations are believed to have been thwarted at a late stage.
Dean Dorrell, chief executive of Redbus Group, said this acquisition is essentially a “bolt-on” transaction and Streetbroadcast’s assets fit into Redbus’ existing outdoor advertising operations.
Redbus Group’s out-of-home arm Redbus Outdoor operates six-sheet student advertising company X-sites and trolley and shopping basket ad company In-Store.
Simon Franks, chairman of Redbus Group said the current economic conditions mean “unfortunately, some smaller businesses or less well financed businesses are getting crushed” while only the “strong companies can ride through”.
Though Franks confirmed Redbus has bought Streetbroadcast in its entirety except the name, he could not confirm which parts of the business Redbus would concentrate on in the long term.
Streetbroadcast entered into administration at the beginning of March, but stopped trading on 16 April when the remaining staff members were made redundant. Franks said he did not rule out re-employing some of the staff who had lost their jobs.
Primesight was unavailable for comment.