LOS ANGELES, Feb. 10, 2021 – New Tradition, a leading Out-of-Home media company, announced today the acquisition of 87 advertising faces from Regency Outdoor Advertising’s portfolio of 411 locations.
This transaction represents New Tradition’s largest acquisition to date, joining the company’s already strong portfolio in the Los Angeles area which includes The Reef (the largest digital advertising sign in the country) and the recently announced Ovation Hollywood (previously Hollywood and Highland).
“We are elated about this acquisition. We are more confident than ever in the outcomes we will deliver for our advertisers and for our landlord partners,” said New Tradition Chief Operating Officer Bret Richheimer. “We are excited about the future growth of New Tradition and look forward to continuing the legacy of the legendary Regency portfolio.”
New Tradition’s inventory in the Los Angeles area now spans upwards of 110 premium advertising faces. The assets New Tradition has acquired encompass core L.A. neighborhoods and roadways including coverage of West LA, Westwood, Hollywood, West Hollywood, Brentwood, Culver City, Beverly Grove, Mid City, Downtown LA, Los Feliz, Ladera Heights, Sherman Oaks, Toluca Lake, VanNuys, i405, i10, and i110.
You can see a video featuring some of the purchased inventory below.
About New Tradition
Founded in 2010, New Tradition is a premium Out-of-Home media company, specializing in best-in-class inventory across the country. New Tradition help brands stay top-of-mind, targeting consumers while they are on the go, in the areas they live, work, and play. New Tradition works side-by-side with some of the top brands and agencies, helping deliver exceptional campaigns utilizing our premium large format, lifestyle center and transit media. New Tradition’s iconic inventory includes One Times Square and other marquee assets in New York, Los Angeles, Miami, Boston, Atlanta, Nashville, Chicago, Portland, Seattle, Washington DC, San Francisco, and Las Vegas.
Insider’s take: The price was not disclosed but looks to be $40 million if court documents are to be believed. New Tradition had been in the hunt for Regency assets since last September.
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