Boston Omaha, the parent company of Link Media, announced yesterday in an 8-K filing with the SEC that they had entered into an at-the-market equity offering program, pursuant to a Sales Agreement with Wells Fargo Securities, LLC  to raise up to $100 Million in a new equity offering. Boston Omaha indicated in their filing that “the arrangement is consistent with the Company’s historical practice of having available to management the option to issue stock from time to time in order to continue to fund the growth of its fiber to the home rural broadband business, acquire additional billboards, and make other such investments in assets as needed to seek to grow intrinsic value per share”.

Insider has continued to comment on the strength of the acquisition market in OOH.  Other than this latest news from the Link Media parent, let’s consider a list of activity as we close out this third quarter of 2021.

Adams Outdoors’ investment from Searchlight/BCI Investment

Lamar Advertisings’ west coast acquisition of Stott Outdoor

Increasing CapX and Acquisition by the Big 3

Local Media and their acquisition of Scotty Outdoors’ North Carolina structures

Lamar Advertising’s investment in Vistar Media

Trailhead Media’s purchase of Wingate Media non- Nashville outdoor assets

Renfroe Outdoor’s purchase of the assets of Estus Outdoor

Insider’s Take: We expect this trend to continue and probably accelerate.  Those of you at the IBO convention might remember a comment among the panelists that there has been an uptick in acquisition multiples over the last 6 months.

Are we going to see a continuing trend of consolidation in our industry?  What do you think?  Let us know by either filling out the comment box below or emailing us at info@billboardinsider.com.

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