Why tower companies trade at a higher multiple than out of home companies.

Huntington Outdoor President Justin Powell comments on a recent Billboard Insider article. This caught my attention: “We are selling towers for 20–30 times tower cash flow, and typically get over twenty offers per engagement.” Why aren’t billboards selling for multiples like this? Insider’s take:  Out of home assets typically trade […]

Volta Announces $125 Million Financing

San Francisco, CALIF., January 19, 2021 – Volta, the industry leader in commerce-centric electric vehicle (EV) charging networks, today announced an oversubscribed Series D financing of $125 million. Goldman Sachs acted as exclusive placement agent to the Company in connection with the financing. Volta builds and operates an EV charging network […]

Second Round of PPP Loans Starting This Week

Applications for the next round of PPP loans should start showing up this week.  Since the application portals are initiated by each bank in the program, timing may vary. Most banks will have already set up portals previously, Insider is expecting this should move quickly. Let’s deal with some basic […]

Why aren’t more cellular antennas on billboards?

Cellular billboard antennas are the-next-big-thing-that’s-going-to-happen-but-never-does.  Insider suspects this is because many billboards are in rural areas with little additional demand for cellular/wireless antennas.  Insider has received only 1 request from a cellular company seeking wireless antenna space on a Circle City Outdoor billboard.  It was looking for a billboard near […]

OUTFRONT Joins The Refinance Party

OUTFRONT Media announced yesterday that two of its wholly-owned subsidiaries priced a private offering of $500.0 million in aggregate principal amount of 4.250% Senior Notes due 2029 (the “notes”). The notes are to be sold at an issue price of 100.0% of the principal amount. The offering is expected to […]

Lamar Prices $550 Million Debt Offering

Insider wants to introduce a new contributor to our website.  Ken Altena is a longtime commercial banker and out of home lender from Seattle, WA.    Here are Ken’s thoughts on the Lamar refinancing. On January 7, 2021, Lamar Media Corp., a wholly owned subsidiary of Lamar Advertising Company, agreed […]

Billboard Insider Expects US OOH Revenues to Grow by 10% in 2021

If you’re shaping projections for how the US economy will do in 2021 consider what Jan Hatzius Goldman Sachs Head of Global Investment said on Exchanges at Goldman Sachs last week: I think overall my broader view would be that while the economy is going through a much slower stretch […]

Eligible Paycheck Protection Program Expenses Now Deductible

WASHINGTON – The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Today’s guidance, Revenue Ruling 2021-02, reflects changes to […]

Max Drachman On What Determines the Value of Your Out of Home Plant

On last week’s Billboard Insider podcast Insider commented that out of home values vary from 8 to 14 times cashflow.  Reader Greg Hicks asked us to explain what factors cause the multiple to vary.  We asked out of home broker Max Drachman of Kalil and Co to comment: That’s a […]

Why Lamar is Refinancing $650 Million

Lamar Advertising is refinancing $650 million of corporate debt.  Here’s are some excerpts from the press release. BATON ROUGE, La., Jan. 04, 2021 (GLOBE NEWSWIRE) — Lamar Advertising Company (LAMR), a leading owner and operator of outdoor advertising and logo sign displays, today announced that its wholly owned subsidiary, Lamar […]