The Week: City News - SMG sells off Primesight

SMG has finally offloaded Primesight, its outdoor advertising business, to the private equity group GMG Communications Partners in a deal worth up to £62 million.

Primesight management, including the chief executive, Naren Patel, will remain in place following the sale, which will bring in £52 million up front with a further £10 million based on performance targets. SMG had called off an earlier auction of the company in April after it failed to attract the £90 million price tag it had been hoping for.