Thomson to Acquire PRN7/28/2005 10:05 AM Eastern
Thomson S.A. has entered into a definitive agreement to acquire out-of-home video-advertising-network provider PRN Corp.
The transaction for privately owned PRN -- the in-store media network for more than 6,000 retail locations in the United States -- is valued at approximately $285 million, payable in cash, including a normalized level of working capital, according to the parties. It is expected to close during the fourth quarter.
Upon completion of the deal, PRN -- which installs and manages a network of TV monitors in such retail chains as Wal-Mart Stores Inc., Albertson’s Inc., Best Buy Co. Inc. and Circuit City Stores Inc. -- will become part of Thomson’s network-operations-services business unit in its services d
Thomson’s services division encompasses a wide range of activities enabling the management of electronic-content flows for a variety of distribution channels including broadcast, cinema, corporate and retail. PRN will extend the reach of this activity toward retail and advertising clients and networks, the companies said.
A number of cable networks -- including Fox News Channel, Oxygen, Tennis Channel and The Outdoor Channel -- have or are supplying content, in some instances HD fare, to PRN for promotional and brand-building purposes.