Bloomberg reports that a Blackstone Media investment fund is buying a majority stake in New Tradition.  Some details.

• The transaction values New Tradition at $500-750 million.
• New Tradition CEO Evan Richheimer and COO Brett Richheimer will stay on to run the company.

New Tradition has been expanding.  In April New Tradition took over marketing for 13 Logan communications faces in Boston and it also acquired 9 Chicago spectaculars from Victor Media.  In January 2023 Billboard Insider calculated that New Tradition had approximately 300 total bulletin faces including 100 digital faces.  The company’s inventory indcludes One Times Square and other marquee assets in New York, Los Angeles, Miami, Boston, Atlanta, Nashville, Chicago, Portland, Seattle, Washington DC, San Francisco and Las Vegas.

Billboard Insider’s take:  The biggest private equity funds like the barriers to entry and growth prospects of out of home but have been stymied in the past by the lack of targets large enough to justify a significant investment. Looks like Blackstone solved the problem. Billboard Insider suspects this is a recap to take out some existing institutional investors (GAW Capital for one) and to provide growth capital.  Congrats to the Richheimers.

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