Intersection has announced that it has raised USD 150 million. The new financing was led by Graham Holdings Company, the publicly traded conglomerate run by the former owners of the Washington Post, which now holds interests in education services companies (Kaplan), television stations, online news, and healthcare.
The press release stated that Intersection would use the money to accelerate the digitisation of its existing billboards and outdoor advertising spaces and accelerate the development of its technological capabilities BUT it could be that they raised the money to buy out Qualcomm and CIVIQ who are rumoured to be wanting out.
The original buy-in for the ‘CityBridge consortium’ was USD 25 million each; so minimally Intersection could pay USD 50 million (plus ‘something on top’) to get rid of them!
Previous investor Sidewalk Labs, a division of Google’s parent company, Alphabet, did NOT participate in the latest round.