OUTFRONT is holding billboard pricing and resuming capital spending according to Jeremy Male. Here’s a selection of his comments at yesterday’s Goldman Sach’s Communacopia conference. Pricing We much prefer to maintain rate integrity…If we have an advertiser that’s paying $100, we’d much prefer to provide some incremental benefit, extra space […]
Yesterday Clear Channel Outdoor Holdings announced plans to reduce headcount in Europe and Latin America in response to the impact of covid on revenue. The company expects to achieve an annual pre tax cost saving of $20 million. Looks to Insider like this equates to 2% of total international expenses […]
Lamar Advertising will pay a cash dividend of $0.50/share on September 30, 2020. The dividend equates to a 2.96% yield on the stock down from the 4-6% dividend yield Lamar was paying prior to Covid. Lamar cut the dividend during Covid to conserve cash. Lamar’s dividend is running at 50% […]
Insider hears from readers that banks are tightening lending standards. This is important because many out of home companies use debt for acquisitions and to finance new sign construction and digital sign conversions. Data from the Federal Reserve July 2020 Senior Loan Officer Survey on Bank Lending shows that 70% […]
Correction 7:24 am pacific time: Insider’s initial story underestimated Insider ownership at Lamar by failing to take into account ownership of B shares and ownership by the Reilly Family Limited Trust. We have adjusted the Lamar insider ownership figures upward based on the Lamar 2019 definitive proxy statement. Clear Channel […]
BATON ROUGE, La., Aug. 17, 2020 (GLOBE NEWSWIRE) — Lamar Advertising Company (LAMR) announced today that it is seeking to raise approximately $150.0 million through an institutional private placement of additional 4% Senior Notes due 2030 (the “Notes”) by its wholly owned subsidiary, Lamar Media Corp (“Lamar Media”). The Notes […]
Last Friday OUTFRONT CFO Matt Siegal suggested that out of home multiples are lower. Five investment bankers tell insider that there hasn’t been a dramatic shift in multiples. Max Drachman, Kalil and Co I believe there are many executives that would agree with Matt on feeling an acquisition today would […]
OUTFRONT CFO Matt Siegel had a wide ranging conversation with Oppenheimer’s Ian Zaffino at this week’s Oppenheimer Tech, Internet and Communications Conference this week. Some of the highlights. How is OUTFRONT recovering from covid? We reacted quickly on the cost side and the capital side. We raised capital. We fortified […]
Insider has reported on the Payroll Protection Program in which the SBA was tasked with supporting small businesses through a loan program that was ultimately funded to the tune of $659 billion. The PPP program was due to expire at midnight on June 30 with funds remaining, but just hours […]
How has COVID impacted the spending of the US public out of home companies? Here’s Insider’s analysis. Expenses Down 26% Now is not a good time to ask for a raise. The big three cut their expenses by a total of $284 million or 26% during the the second quarter […]
