Lamar Advertising Acquires Billboards from Steen Outdoor Advertising
August 04 2017 - 12:00PM
Lamar Advertising Company (Nasdaq:LAMR), a leading owner and
operator of outdoor advertising and logo sign displays, today
announced that it has acquired the assets of Steen Outdoor
Advertising, significantly enhancing Lamar’s position in
Philadelphia and the surrounding region.
The all-cash acquisition adds more than 460
billboard faces, including 23 digital bulletin faces, to Lamar’s
existing media footprint in the Northeast. Steen’s inventory is
concentrated in Philadelphia and the surrounding Pennsylvania
suburbs, with coverage extending into western New Jersey and
Delaware.
“The addition of the Steen inventory immediately
makes us a major player in the nation’s fourth-largest media
market,” said Lamar Chief Executive Sean Reilly. “This acquisition
is consistent with our strategy of adding high-quality,
REIT-qualified assets to our portfolio, the largest of any U.S.
billboard operator.”
Steen, the largest independent provider of
outdoor advertising in the Philadelphia region, is one of the
oldest out-of-home advertising companies in the U.S., with roots
dating to 1932.
Financial terms were not disclosed.
About Lamar Advertising Company
Founded in 1902, Lamar Advertising Company
(Nasdaq:LAMR) is one of the largest outdoor advertising companies
in the world, with more than 330,000 displays across the
United States, Canada and Puerto Rico. Lamar offers advertisers a
variety of billboard, interstate logo and transit advertising
formats, helping both local businesses and national brands reach
broad audiences every day. In addition to its more traditional
out-of-home inventory, Lamar is proud to offer its customers the
largest network of digital billboards in the United States with
over 2,600 displays. Please feel free to explore our website
www.lamar.com or contact us at hello@lamar.com for additional
information.
Press Contact:
Buster Kantrow
Director of Investor Relations
Lamar Advertising Company
(225) 926-1000
bkantrow@lamar.com
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