APN Outdoor gets cash to expand in Australia, New Zealand, and Asia

The equal joint venture, to operate under the APN Outdoor name, includes all of APN's wholly owned business in Australia and New Zealand, as well as its 50 per cent stake in Rainbow Premium Outdoor in Indonesia.

The company said it will actively pursue the rollout of digital technology and expansion initiatives in Australia and New Zealand, as well as investing in select growth markets in Asia.

"Outdoor advertising is one of the fastest growing media sectors, being a beneficiary of changes in the media landscape," Chris Hadley, managing director of Quadrant, said in a statement. "We believe a well-capitalised business will be able to further drive innovation and capitalise on growth opportunities."

The joint venture will retain not only the APN Outdoor name but also its management team and all employees.

APN News & Media has separate partnerships with Clear Channel International through joint ownership of Adshel in Australia and New Zealand and Buspak and Cody in Hong Kong.