Advertising company Exterion Media has won a Transport for London (TfL) contract worth more than £1bn.

The partnership will begin on 1 October 2016 and was described by TfL as the largest outdoor advertising contract in the world.

As part of the agreement, Exterion will oversee advertising on trains and at more than 400 stations across the London Underground, London Overground, Tramlink, Docklands Light Railway, Victoria Coach Station and, when opened, the Elizabeth line.

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The contract is worth an estimated £1.1bn and is part of TfL plans to generate £3.4bn in commercial revenue by 2023.

Graeme Craig, director of commercial development at TfL, said: “We believe this partnership can be a catalyst for transforming our stations and the wider industry.

“The new contract will move away from the traditional concessionary approach to working together to deliver innovation and value on the best station network in the greatest city in the world.”

Exterion Media chief executive Shaun Gregory said: “This is a ground-breaking new partnership and together with TfL, we have a bold vision for the London Rail and Underground estate that will transform the look and feel of advertising in the capital, and the way that brands engage with consumers.”