Cogeco sells Metromedia to Bell Media

MONTREAL — Cogeco Inc. says its radio subsidiary has sold its Metromedia advertising division to Bell Media, owner of Astral Out of Home. Cogeco Metromedia specializes in the public transit sector, with traditional and digital ad placements in Montreal Metro stations, on city buses, commercial parking lots and other locations. Cogeco (TSX:CGO) declined to provide the sale price, but said it purchased the operations in 2011 for $41 million.