In July 2021 Lamar purchased a 20% stake in programmatic out of home sales company Vistar Media for $30 million.   Lamar also has a seat on the Vistar Media board.

The investment is accounted for using the equity method which means that Lamar recognizes 20% of Vistar Media net income on its own financial statements.  If you know Lamar’s equity investment earnings you can calculate Vistar Media’s net income with simple math.  Lamar recognized $4.1 million in income from the Vistar Media investment in 2023 which implies that Vistar Media had net income of $21 million during 2023.  Lamar has earned 14% on its Vistar Media investment in each of the past two years.

Source: Lamar Advertising 2023 10k

In addition to investment returns, Lamar generated $12 million in ad revenue in 2023 by connecting to the  Vistar Media platform. Here are the revenues which Lamar has generated from connecting to Vistar Media for the past three years.

Source: LamarAdvertising 2023 10k.

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