Outfront Media Inc. has agreed to sell its Canadian business to Bell Media for C$410 million, which equates to about US$300 million (or about US$290 million after taxes). The transaction is expected to close in the first half of 2024. Our leverage forecast for 2024 remains relatively unchanged in the mid-5x area. The company expects to use the proceeds from the sale of its Canadian business to proactively reduce its debt balance. However, we lowered our expectations for U.S. billboard revenue growth in 2024 to 5% from 7% previously, driven by continued weakness in national advertising. Companies have pulled back more on brand advertising than direct response advertising given concerns about elevated inflation and interest rates. Outfront has greater exposure
