ARN Media sells Cody Hong Kong for A$5.6 million

ARN Media Limited has agreed to sell its Hong Kong out-of-home advertising business, Cody HK, to DFI Retail Group for about A$5.6 million.

The transaction covers Cody Outdoor International (Hong Kong) Limited and Buspak Advertising (Hong Kong) Limited. ARN said the sale forms part of its plan to exit the Hong Kong out-of-home sector and focus on its core Australian operations.

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The company announced in 2025 that it intended to leave the Hong Kong out-of-home market. Completion of the sale is expected in the second half of 2026, subject to third-party consents and customary completion adjustments.

What the Cody HK sale means for ARN

ARN said the sale will divest a non-core asset and support its strategy to become Australia’s leading digitally driven entertainment business.

The sale consideration will be paid 75 per cent up front, equal to about A$4.2 million, with the remaining 25 per cent, about A$1.4 million, due 12 months after completion. Net proceeds will be applied to net debt.

ARN also said the sale will release A$30.5 million in bank guarantees once the transaction is completed.

Michael Stephenson, chief executive officer of ARN Media, said: “The sale of Cody HK is an important step in simplifying ARN’s portfolio of assets.

“The divestment of this non-core asset further strengthens our balance sheet, allows us to focus on our Australian operations and supports the delivery of our long-term strategic plan.”

DFI Retail Group to acquire Cody HK

DFI Retail Group is an Asian retailer with a broad footprint across the region. It operates a diversified portfolio of retail formats and brands.

Cody HK operates out-of-home advertising assets in Hong Kong. The transaction will complete ARN’s planned exit from the sector.

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