Acccording to a report in the Financial Times, expressions of interest are understood to have been made for Primesight by most of the major outdoor players, including JCDecaux, Viacom Outdoor and Titan Outdoor.
Pearl & Dean is believed to have received requests for information from the cinema advertisers main rival, Carlton Screen Advertising, and US-owned media giant Clear Channel.
Pearl & Dean currently holds 25% of the cinema advertising market.
Successful disposals of the assets would leave SMG focused on its Scottish television franchises, TV production business, Virgin Radio, and its increasing online activities.
The company has been under pressure to sell off the two divisions in recent months. A number of shareholders were supportive of a plan from Rob Woodward, a former commercial director of Channel 4, to take control of the company and sell off the divisions, although a bid never materialised for the group.
Last week, Ulster Television withdrew a 50:50, £400m merger offer to Scottish Media Group it had made in August.
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