Earlier this week, Billboard Insider wrote about a Verde Outdoor (“Verde”) lawsuit alleging fraud against JR Media, John “Jed” Renfroe, Christa Hurley (Jed Renfroe’s sister) and Marcus Ben Jones (collectively “Sellers”. It appears that legal difficulties between the parties commenced with a Petition for Declaratory Judgement filed over a year ago by JR Media Co. LLC and Christa Hurley.  Here’s what Billboard Insider learned from reading the Petition for Declaratory Judgment.

• On October 29, 2021 Verde paid $45 million to purchase the membership interests of JR Media.  The purchase price was a formula based on 10 times existing billboard cash flow plus 10 times expected billboard cash flow from permitted development sites plus 8 times expected cash flow from unpermitted development sites.
• At the end of 12 calendar months there was to be a true up in which the post-closing billboard cashflow was compared with the actual/estimated billboard cashflow at closing and the price was adjusted up or down by the relavant multiple.
• On August 27, 2024, Verde provided a true up statement showing that it was owed $7 million because the post closing billboard cashflow was under the actual/estimated billboard cashflow at closing.
• JR Media Co and Christa Hurley disputed $1.5 million of the combined chargebacks.  $224,000 of the disputed amounts were resolved.  The remaining $1.3 million dispute concerned two Charleston billboards for which a permit was only issued after a lengthy delay and for which Verde refused to pay.
• On March 10, 2025 JR Media Co. LLC and Christa Hurley filed a Petition for Declaratory Judgment asking to be paid the $1.3 million.
• After 11 months of court proceedings and discovery Verde filed an amended Counterclaim alleging fraud.

Billboard Insider’s take: One party sues the other for $1.2 million and then the after 11 months of court proceedings and discovery the other party turns around and sues for fraud.  You haven’t heard the last of this case.  Numerous people have asked Billboard Insider if Renfroe has any ability to revise it’s claim based on the fact that Verde sold all of its assets to Lamar in July 2025.  We don’t think this creates any rights for Renfroe.  If you voluntarily sell to someone they usually have the right to retrade the assets at any time at whatever price they want without owing you anything.  What do you lawyers think?

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