Lamar Advertising Company Announces Acquisition of Burkhart Advertising

Rhea-AI Summary

Lamar Advertising Company (Nasdaq: LAMR) has acquired Burkhart Advertising Inc. in Indiana, adding over 1,500 billboard structures and 3,200 faces, including 23 digital displays across 38 counties. Burkhart is a leading out-of-home advertising provider in key Indiana cities like South Bend and Fort Wayne. The purchase reflects Lamar's commitment to growth in the outdoor advertising market, although the purchase price remains undisclosed. With this acquisition, Lamar strengthens its presence in Indiana and enhances its extensive network of digital billboards.

Positive

• Acquisition of over 1,500 billboard structures and 3,200 billboard faces enhances Lamar's advertising inventory.
• Strengthens market position in northern Indiana, a key growth area for outdoor advertising.
• Addition of 23 digital displays aligns with Lamar's strategy to expand digital advertising capabilities.

Negative

• None.

BATON ROUGE, La., May 04, 2022 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR), an owner and operator of outdoor advertising and logo sign displays, announced today that it has acquired Burkhart Advertising Inc. in Indiana.

The purchase, which closed today, includes more than 1,500 billboard structures and 3,200 billboard faces, including 23 digital displays, in 38 counties across northern Indiana. Burkhart is the leading out-of-home advertising provider in communities such as South Bend, Fort Wayne, Elkhart, Muncie and Lafayette.

Lamar purchased Burkhart Advertising from members of the Burkhart/Miller family, third-generation descendants of company founders Charles and Elinor Burkhart. The Burkharts established the company in South Bend in 1964 after posting signs around the community reading “I believe in South Bend” during an economic downturn.

“As another company with deep family roots, we at Lamar know the hard work, commitment and frankly love required to build a great out-of-home advertising franchise like Burkhart’s,” Lamar chief executive Sean Reilly said. “We remember the work of Scott Miller and are honored that Jenny, Buck, Charlie and Sara trusted us to carry their business forward.”

The purchase price was not disclosed.

About Lamar Advertising Company
Founded in 1902, Lamar Advertising Company is one of the largest outdoor advertising companies in North America, with over 351,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport 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 3,900 displays.

Company Contact:
Buster Kantrow
Lamar Advertising Company
(225) 926-1000
bkantrow@lamar.com

FAQ

What did Lamar Advertising Company acquire?

Lamar Advertising acquired Burkhart Advertising Inc., including over 1,500 billboard structures and 3,200 billboard faces.

What is the significance of the Burkhart Advertising acquisition for Lamar?

The acquisition strengthens Lamar's position in the Indiana outdoor advertising market and increases its digital display inventory.

When did the acquisition of Burkhart Advertising take place?

The acquisition was completed on May 4, 2022.

How many digital displays did Burkhart Advertising include in the acquisition?

The acquisition included 23 digital displays.

What are the key locations for Burkhart Advertising's billboard structures?

Burkhart Advertising has a strong presence in cities like South Bend, Fort Wayne, Elkhart, Muncie, and Lafayette in Indiana.