• Lamar sells Puerto Rico billboards to bMedia

    bMedia has acquired Lamar Advertising’s  180 billboards in Puerto Rico. bMedia is a Puerto Rico out of home advertising company which was formed in 2008.   bMedia is run by Juanchi Casillas and Hertor Horta and financially backed by Seaport Capital.  Seaport made an equity investment in bMedia in August 2014 and assisted bMedia with the Showtime Outdoor acquisition in December 2015.   

    bMedia had a plant with 80 billboards prior to the acquisition:

    Insider’s take:  Lamar’s Puerto Rico billboards survived the September 2017 Hurricane Harvey intact but Puerto Rico was hammered.  The island was without power from September to December and Lamar’s Puerto Rican revenue declined from $2.9 million during the fourth quarter of 2016 to $0.3 million during the fourth quarter of 2017.   $3 million is small change compared to Lamar’s $399 million in quarterly revenues but Insider wonders if Lamar decided to exit in order to avoid being at the mercy of future storms and power outages.  The lights come back on much quicker in the US.

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