Billboard companies are trying to renegotiate contracts with airports and train operators as significant ad downturn puts pressure on their businesses.
Here,There&Everywhere has emerged as a major shareholder in oOh!media after spending $15m for a more than 4 per cent stake in the outdoor advertising business.
The local bourse has notched its biggest one-day move on record,as it bounced back from a sharp fall at the open to book its biggest one-day gain in three years.
The local bourse is on the brink of a bear market,as it suffered its worst one-day percentage point slide since the global financial crisis after global oil prices plummeted.
oOh!media chief executive Brendon Cook said he is confident the outdoor advertising company will grow its revenue and earnings this year although he warned the coronavirus impact remains an unknown quantity.
The contract between French-owned outdoor giant JCDecaux and City of Sydney has expired,but the council is yet to make a decision on the future of its lucrative outdoor advertising contract.
The Australian sharemarket recovered on Wednesday to close 0.5 per cent higher,apart from a spectacular 26 per cent decline in Treasury Wine Estates share price.
Brendon Cook,who started the business as Outdoor Network Australia in 1989,will remain in his role until a replacement is appointed.
The advertising market has become so difficult for media companies that the country's biggest television,radio,outdoor and news rivals have joined forces to convince executives to spend more of their budgets on marketing with traditional media.
The S&P/ASX 200 has ended the week lower,but did rise on Friday's session thanks to strong gains in materials and industrials.
OohMedia chief executive Brendon Cook has rejected speculation he has been involved in discussions about a management buy out of the outdoor advertising business with Macquarie Capital.