Billboard Insider has compiled our list of out of home transactions for 2023. If we’ve written about it, we have provided a link in the Buyer column.

As always, we appreciate the assistance provided by the M&A firms serving our industry. They have been extremely cooperative in helping Insider compile this list while respecting the relationships they have with their clients and the non-disclosure agreements on many of the deals.

A couple of observations related to 2023.

Slow start to 2023 – In the first half of the year we only saw 9 transactions, with one in the first quarter.   If you want an explanation, all you need to do is look at the chart below.  The Fed changed their policy of a low funds rate to focus on inflationary pressures through agressive rate increases.

The largest transactions were not in the US –  Both Clear Channel Outdoor and OUTFRONT Media were sellers of non- US assets in 2023.  CCO in Italy, Spain and France. OUTFRONT in Canada.

When money is expensive you need to be very strategic – 2023 was the year of the tuck in transaction. Smaller and strategic. Even one of the largest transactions between Bill Slater Advertising and Lamar Advertising could be considered a tuck in, given Lamar’s size.

What does the future hold? – Keep an eye on interest rates.  The question is, how quickly and how much will the Fed be willing to lower their funds rate in an election year?

If you see a transaction we missed, let us know at johnweller@billboardinsider.com. We will do a followup next week.

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