Bauer Media has agreed to sell its stake in digital advertising platform Octave to News UK, marking the end of the five year joint venture between the two companies.
The agreement reflects a shared vision and mutual decision to concentrate on their own strategic priorities, beginning a new chapter for Octave under the sole ownership of News UK.
Octave was launched in 2020 as a partnership to harness the growing demand for digital audio advertising run by both Bauer Media and News UK.
David Wilcox, News Broadcasting Commercial Director, said: “I am extremely proud of what we have built with Octave. My thanks go to the Bauer team for their collaboration over the last five years.
“Meanwhile, I’m incredibly excited to be able to fast track the next chapter of Octave growth, delivering superb targeting and return on investment for our clients in the digital audio space – and beyond – across our scale brands.”
Simon Myciunka, CEO of Bauer Media Audio UK, said: “Octave has been a great success for both Bauer Media and News UK, allowing advertisers and clients an effective way to target audiences through our radio stations and digital platforms, and gather extensive audience insights.
“Having achieved what we set out to do with Octave, we both now recognise the need to take ownership of our own digital audio advertising and so part ways with News UK and Octave later this year in good faith and with continued ambition to innovate and deliver opportunities for advertisers in the growing digital audio space.”
The Octave transaction will have no immediate impact on Octave’s clients and both Bauer Media and News UK will reveal their future plans to the market in due course.
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