Viacom is mulling a bid for Germany’s leading outdoor ad group, Deutsche Staedte-Medien.
In an interview with Der Spiegel, the US giant’s chief executive Sumner M Redstone confirmed reports that the company is considering an offer for DSM, which sells €285 million ($322m; £200m) of outdoor advertising across Germany.
Expected to fetch around €400m, DSM is currently the property of 28 German cities. In June, these local authorities agreed to dispose of the company by the end of 2003.
Other interested parties include rival outdoor titans Clear Channel and J C Decaux, plus smaller German operators Stroer and Wall.
Viacom is on a spending spree as it aims to become the outdoor market leader. “We have already bought five companies in this sector in Europe and now control about 10% of the European market,” Redstone continued. “That may not be much … but we are only just beginning.”
Data sourced from: The Washington Post Online; additional content by WARC staff