eye corp sale lmost complete: afr street talk

From today's Street Talk, it seems TEN might get a little bit more for Eye corp than $110m- and it's supposed to be happening before Wednesday to boot:

http://www.afr.com/p/opinion/eye_corp_sale_almost_complete_DHmyIdz2ezJj4Khs7ZDFVO

Eye Corp sale almost complete

Edited by Sarah Thompson and Anthony Macdonald
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Ten Network Holdings is close to finalising the sale of its outdoor advertising unit Eye Corp, with a deal expected by Wednesday.

It is understood Ten and Eye Corp suitor CHAMP Private Equity were finalising one remaining difference on Monday morning, with a view to having the deal completed by October 31.

The sale price was said to be slightly higher than the $110 million previously reported by The Australian Financial Review , including the value of upfront and future payments.

Ten would not be counting its chickens just yet. The two parties agreed to a $145 million deal in July, before CHAMP terminated the sale agreement and negotiations restarted.

Ten is seeking to sell Eye Corp to offset declining ratings and TV advertising revenue, and to ease pressure on its balance sheet.

CHAMP would merge Eye Corp with its oOh!media outdoor advertising business to grow its market share from about 16 per cent to 30 per cent.

Citigroup values Eye Corp at $120 million ($80 million upfront plus $40 million deferred for three years), while Morgan Stanley values it at a lower $100 million.

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