AutoNation sells outdoor ad business

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AutoNation, Fort Lauderdale, Fla., sold its outdoor ad business to Infinity Outdoor, Phoenix, in a drive to return to its core of auto retailing. Infinity gets all the outstanding capital stock of AutoNation's Republic Media Holding Co. in exchange for $104 million cash. AutoNation has agreed to a $15 million outdoor buy with Infinity over three years as part of the deal. Republic owns some 1,300 boards in Florida. Earlier this year, Auto-Nation spun off its car rental businesses.

Copyright November 2000, Crain Communications Inc.

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