Octillion Media Acquired By TEGNA’s Premion Unit
The connected TV/OTT advertising platform for regional and local advertisers owned by TEGNA has acquired what is being described as “a next-generation demand-side platform” focused on the same segment of the ad pie as TEGNA’s Premion LLC.
The acquisition of Octillion Media, TEGNA says, widens Premion’s capabilities in the growing connected TV marketplace by combining Octillion’s technology with Premion’s applications.
While TEGNA did not disclose how much it is paying for Octillion Media, it said it will cover the cost of the acquisition with available cash on hand. This, TEGNA added, will not have a material impact on TEGNA’s cash or leverage levels.
The transaction is expected to be free cash flow and EPS accretive within 12 months and is not expected to have a material impact on TEGNA’s 2024 financials, the company added.
“Octillion is precisely the type of smart bolt-on acquisition we have long considered to accelerate our already successful organically grown Premion business,” TEGNA President/CEO Dave Lougee said.
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