TEGNA Inc. (NYSE: TGNA) today announced that Premion, LLC, its industry-leading premium Connected TV (CTV)/Over-the-Top (OTT) advertising platform for regional and local advertisers, has signed an agreement and simultaneously closed on the acquisition of Octillion Media. Octillion is a next-generation demand-side platform (DSP) focused on Local CTV/OTT advertising. The acquisition will expand Premion’s capabilities in the growing CTV marketplace by combining Octillion’s cutting-edge technology with Premion’s award-winning local CTV/OTT advertising solution.
“Octillion is precisely the type of smart bolt-on acquisition we have long considered to accelerate our already successful organically grown Premion business,” said Dave Lougee, president and CEO, TEGNA.
“We are thrilled to announce the acquisition of Octillion Media,” said Tom Cox, president of Premion and senior vice president, corporate development, TEGNA. “We built Premion with a local-first mindset from the start. 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.”
Founded in 2019, Octillion Media’s technology platform has been natively developed for local CTV/OTT advertising. Named the #2 fastest growing private media company in the U.S. on Inc.’s 5000 in 2022, Octillion has experienced impressive growth by delivering innovative CTV/OTT solutions with a focus on advertiser results and transparency. In 2023, Octillion was the first local OTT platform to achieve the TAG Certified for Transparency Seal.
“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,” said Gabe Greenberg, CEO and co-founder of Octillion. “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.”
As part of the transaction, Gabe Greenberg, as well as Octillion’s employees based in the U.S. and internationally will join the Premion team.
TEGNA will cover the cost of the acquisition with available cash on hand, which will not have a material impact on TEGNA’s cash or leverage levels. The transaction is expected to be free cash flow and EPS accretive within 12 months and is not expected to have a material impact on TEGNA’s 2024 financials.
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