Moorgate Capital Partners produces an outstanding quarterly report on the the of home advertising industry.  This chart on public company M&A activity over the past 5 years shows that Lamar has returned to the market but OUTFRONT and Clear Channel are staying on the sidelines.

Lamar closed $104 million in acquisitions for the first half of 2025 and has already closed the $145 million Verde purchase in the third quarter of 2025.

OUTFRONT closed only $20 million in acquisitions in the first half of 2025.  It is sitting out the market to focus on operating efficiencies.

Clear Channel closed $18 million in acquisitions in the first half of 2025.  It is trying to reduce leverage.

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