SAN JUAN, Puerto Rico – Out of Home Media, LLC (“OOHM” or the “Company”), the 2nd largest out-of-home advertising operator in Puerto Rico, announced that the Company has been acquired by Hello Media, LLC (“Hello Media”). OOHM’s operations included 94 advertising displays, including 70 digital displays, predominantly located in the San Juan metro area.
OOHM was owned and operated by GFR Media, LLC (“GFR Media”), the leading operator of media assets in Puerto Rico.
The President of the Board of Directors of GFR Media, María Eugenia Ferré Rangel, assured that, “the transaction will contribute to strengthening the company’s focus on its digital strategy, with unique resources and offers in the market.” She added that “the alliance reinforces the strategic value that GFR Media will offer our advertisers with an 85% growth in digital billboards in a total of 104 locations.”
“Likewise, our family business will continue to diversify the portfolio of industries we have entered through our business journey. There are new opportunities that are being evaluated and the injection of capital allows us to venture into other projects,” said Ferré Rangel.
With the acquisition, Hello Media doubles the locations available to serve its clients, including digital, fixed and mesh billboards, strategically located throughout Puerto Rico. Such reach, according to its executives, makes Hello Media the outdoor advertising company with the greatest coverage on the entire island. Hello Media will now have a total of 104 locations, 130 digital displays and 50 fixed and mesh displays.
“We are very excited about this acquisition as, for us, it represents an important step in strengthening our brand and our market share,” said Rafael Moreno, CEO and founder of Hello Media.
Moorgate Securities acted as exclusive financial advisor to GFR Media and OOHM in connection with the transaction.
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