Tegna said its Premion over-the-top advertising unit has acquired Octillion Media, which runs a demand side platform focused on connected TV advertising.
The deal will boost Premion’s CTV ad capabilities, the companies said.
“Octillion is precisely the type of smart bolt-on acquisition we have long considered to accelerate our already successful, organically-grown Premion business,” Tegna CEO Dave Lougee said.
Financial terms were not disclosed, but Tegna said the cost of the acquisition will be covered with available cash on hand. The transaction is expected to be accretive in terms of free cash flow and earnings per share within 12 months and is not expected to have a material impact on Tegna’s 2024 financial results, the company said.
Octillion was founded in 2019 and was the first local OTT platform to be certified by TAG for providing transparency.
Gabe Greenberg, CEO and co-founder of Octillion, and the company’s other employees will join Premion.
“With our shared belief that transparency, quality, and brand safety are the key pillars of success for local CTV advertisers, bringing Octillion together with Premion is a natural fit,” Greenberg said. “We’re excited to continue to build and develop our innovative CTV/OTT product offering and activate the platform’s capabilities backed up by quantified business outcomes across Premion’s network of sellers and clients.”
“We built Premion with a local-first mindset from the start,” added Tom Cox, president of Premion and senior VP, corporate development for Tegna. “The acquisition of Octillion Media provides us with a proven purpose-built local CTV platform to further enable product innovation, improve operational efficiencies, and drive accelerated growth.
“Local relevance remains a top advertiser priority, and the addition of Octillion’s technology will enhance our ability to meet ever-evolving customer needs and drive value for our clients,” Cox said.
