OUTFRONT Media Acquires Billboard Assets in Portland, Oregon and Clark County, Washington

Rhea-AI Summary

OUTFRONT Media Inc. (NYSE: OUT) has announced the acquisition of billboard and business support assets in Portland, Oregon and Clark County, Washington from Pacific Outdoor Advertising for an undisclosed cash amount. The transaction includes 211 large-format static displays, 21 digital displays, 709 posters, and 15 walls. This acquisition marks OUTFRONT's entry into the growing Portland market, which has moved up in Nielsen rankings. The company aims to expand its presence on the West Coast and enhance its advertising inventory.

Positive

• Acquisition includes 211 large-format static displays, 21 digital displays, 709 posters, and 15 walls, significantly expanding inventory.
• Establishes a foothold in a rapidly growing Portland market, improving regional market presence.
• Enhances OUTFRONT's footprint on the West Coast, complementing existing assets in major cities.

Negative

• None.

NEW YORK, May 12, 2022 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT), one of the largest out-of-home media companies in the U.S., announced today that it has acquired billboards and certain other business support assets in Portland, Oregon and Clark County, Washington from Pacific Outdoor Advertising. The acquired advertising assets include 211 large-format static displays, 21 digital displays, 709 posters, and 15 walls. The transaction was fully funded using cash on hand.

Portland is a rapidly growing market, having moved from the 25^th ranked Nielsen Designated Market Area ("DMA") to the 21^st ranked DMA in just the last five years. This new OUTFRONT market represents the establishment of an urban-market foothold in the Pacific Northwest, and a significant expansion of OUTFRONT's inventory, which already includes billboards in the non-urban areas of Oregon and Washington.

"This acquisition is an exciting entry into a new market, adding high-quality metropolitan assets to augment the region's existing non-urban inventory. Our expansion into Portland also extends the company's presence on the west coast, which already includes assets in Eugene, San Francisco, Fresno, Los Angeles, and San Diego," said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. "We are excited to add these highly attractive billboards to our portfolio, as well as welcome 25 new employees to the OUTFRONT team. Together, we look forward to helping our clients reach the growing audiences of the Portland area."

About OUTFRONT Media Inc.
OUTFRONT leverages the power of technology, location, and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.

Contacts:
Investors	Media
Stephan Bisson	Courtney Richards
Investor Relations	Communications & Event Manager
(212) 297-6573	(646) 876-9404
stephan.bisson@OUTFRONT.com	courtney.richards@OUTFRONT.com

 

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SOURCE OUTFRONT Media Inc.

FAQ

What is the significance of OUTFRONT Media's acquisition in Portland, Oregon?

The acquisition enhances OUTFRONT's inventory in a rapidly growing market, establishing a foothold in the Pacific Northwest.

How many assets did OUTFRONT Media acquire from Pacific Outdoor Advertising?

OUTFRONT Media acquired 211 large-format static displays, 21 digital displays, 709 posters, and 15 walls.

When was the acquisition of Portland assets announced by OUTFRONT Media?

The acquisition was announced on May 12, 2022.

What is OUTFRONT Media's stock symbol?

OUTFRONT Media is traded under the stock symbol OUT.

How was the Portland acquisition funded?

The transaction was fully funded using cash on hand.