Billboard Insider has compiled our list of out of home transactions for 2025. If we’ve written about it, we have provided a link in the Buyer column.

As always, we appreciate the assistance provided by the M&A firms serving our industry. They have been extremely cooperative in helping Insider compile this list, while respecting the relationships they have with their clients and the non-disclosure agreements on many of the deals.

Here are Insider’s thoughts on this years list.

More Deals: 

The number of deals were up significantly from 2024. This was largely anticipated, though Insider had expected the market to be even more robust. Our optimism was led by an expectation for an early decrease in interest rates. However interest rates held steady until September and certainly slowed transactions in the early part of 2025.

OUTFRONT and Clear Channel:

Very little activity from two of the big three. Eventually OUTFRONT came to admit they were not expecting much in the way of M&A.  As for Clear Channel, if you look at this years list, they show more as a seller than a buyer as they sold assets in Central & South America, Spain and Northern Europe.

Lamar wins the most interesting deals of the year:

I took a little while for Lamar to get going, but in May, admitted they were in the M&A market and quickly followed up with their purchase of the assets of Premier Outdoor. However, there were two deals for Lamar that were very interesting.  The first, as a buyer, when they acquired the assets of Verde Outdoor in the first-ever UPREIT transaction in the billboard industry. The other was as a 20% minority partner in Vistar Media when they sold to T-Mobile for $600 million.

The Regionals were productive:

Adams Outdoor was easily the most productive of the regionals in the M&A market as they added to their inventory in the Carolinas, midwest and northeast and mid-atlantic.  Huntington Outdoor , Lindmark Outdoor and YESCO also had some nice tuck-ins.

Advisor Category:

Kudos again this year to Drachman M&A Co. and Williamson & Assoc. who were the most active in terms of number of deals.

If you see a transaction we missed, let us know at johnweller@billboardinsider.com. We will do a followup next week.

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