F.Y.I.

APN takes full ownership of Hong Kong’s Buspak Advertising

July 18, 2014 1:21

Australia and New Zealand media company APN has taken on full ownership of Hong Kong bus advertising firm Buspak, acquiring the remaining 50 per cent of the company from rival firm Clear Channel.

The announcement from the company:

APN News & Media Limited [ASX, NZX: APN] today announced that it has acquired full ownership of Buspak Advertising (Hong Kong) Limited (‘Buspak’) through the acquisition of the remaining 50% share from joint venture partner Clear Channel Hong Kong Limited (‘Clear Channel’) for $14 million.

Buspak provides exterior and on-board advertising for over 1,700 buses through its contract with New World First Bus Services Limited, one of the largest bus operators in Hong Kong. Its on-board multimedia services include the Webus Wi-fi network and the on-board TV platform Buzplay.

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