First the Release:
Here is a portion of the JC Decaux press release from yesterday.
Paris, September 19th, 2022 – JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced today that it has increased its stake in Interstate JCDecaux, LLC from 50% to 100%. JCDecaux North America is now the sole owner of the company which operates the 52-face Chicago Expressway Digital Billboard Network under a long-term agreement with the City of Chicago. All 52 digital billboard faces, most of which are 20 feet by 60 feet, are in the City of Chicago, which is the third largest media market in North America.
Now the history:
The original agreement called for JC Decaux, partnering with Interstate Outdoor Advertising, to construct 34 digital signs on Chicago city property adjacent to the Kennedy, Dan Ryan, Stevenson and Eisenhower expressways and the Chicago Skyway and Illinois Tollway.
In exchange, the two billboard operators guaranteed Chicago taxpayers $15 million in 2013 and $154 million over the 20-year life of the contract.
The agreement with the city was originally scheduled to expire in June 2032, but was extended until June 2036 as there were delays in getting the digital billboards in place.
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