Billboard Insider has compiled our list of out of home transactions for 2024. 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.
This year, we have added a new “Advisor” column so you can see which firms assisted in many of the transactions.
Here are Insider’s thoughts on this years list.
High Interest Rates Prevailed – if you remember, 2023 was a struggle for acquisitions as we saw the Federal Funds rate increase from .25% on March 17, 2022 to 5.50% on July 26, 2023. Those higher rates stayed with us through the first three quarters of 2024, until we did see some softening through Q4 of 2024.
A continued emphasis on strategic acquisitions – When money is expensive you need to be very strategic. Though the number of 2024 transactions increased from 2023, Buyers were still very discriminating, so we would not call 2024 a strong acquisition market.
Non-US Sales – As in 2023, the larger transactions were either in Canada or Europe.
Advisor Category – While this list is not all inclusive, it shows that having a knowledgeable advisor is a strong trend, especially if you are looking to sell. Kudos to Drachman & Co and Williamson & Assoc. who were the most active in terms of number of deals.
Watch out for 2025 – With interest rates on a downward trend and some strategic stockpiling of cash by a couple of the larger OOH companies, we anticipate the 2025 M&A market will be very active.
| Date | Buyer | Seller | Details | States | Advisor |
| 12/31 | Adams Outdoor | Riley(Patriot) Outdoor | 201 faces, 7 digitals | NC | Kalil & Co. |
| 12/31 | Victor Outdoor | StreetMediaGroup | NA | NE, IA | Stark Capital |
| 12/19 | Lamar | Huntington Billboards | 1 Digital Face | FL | Drachman M&A Co. |
| 12/16 | Media Mpact | Ace Outdoor | 8 Digital Displays + Static Coverage | LA | Drachman M&A Co. |
| 11/21 | Stein Sign Display | Undisclosed | Static Displays | SD | Drachman M&A Co. |
| 11/20 | Legacy Outdoor Advertising | Midwest Media Group | KS | Kalil & Co. | |
| 11/20 | Legacy Outdoor Advertising | ICT Media Group | NA | KS | Kalil & Co. |
| 11/19 | Franklin Outdoor | Houck Outdoor | 38 static faces | MN | |
| 11/19 | Legacy Outdoor Advertising | Undisclosed | Static Displays | NE | Drachman M&A Co. |
| 11/12 | Keenan Media | Outdoor Works | NA | GA | |
| 11/4 | Adams Outdoor | Kegerreis Outdoor | 28 structures | NC | Drachman M&A Co. |
| 11/1 | Huntington Billboards | Moreland Signs | 176 Interstate signs | AL, AR, MS | |
| 10/25 | Lindmark | OADS | TX | Williamson & Assoc. | |
| 10/10 | TierOne | 4R | FL | Williamson & Assoc. | |
| 10/2 | New Tradition | RSA Media | 28 static and digital faces | MA | |
| 9/24 | Adams Outdoor | Cook Brothers | 17 faces | SC | |
| 9/24 | Dynamic Outdoor | Pink Popsicle | 2 Digital faces | NM | |
| 9/12 | Jones Sign Co. | Northern Advertising Inc. | 103 faces | WI | Drachman M&A Co. |
| 9/4 | Adams Outdoor | Triad Outdoor | 75 faces, 1 digital | NC | |
| 8/30 | Nickelytics | TRUCKADS | Mobile advertising | SignValue | |
| 8/30 | Bass Ltd | Exit Outdoor | LA | Williamson & Assoc. | |
| 8/23 | Quebecor | NEO | 3,000 place -based faces | Canada | |
| 8/8 | Undisclosed | Impact Outdoor NY | Static faces | NY | Drachman M&A Co. |
| 7/26 | Transformation Media | Wolfgate Devco LLC | 1 digital, 2 faces | PA | |
| 7/15 | Verde Outdoor | Great Outdoor Advertising | 200+ displays | NY, NJ, PA, DE | Johnsen, Fretty & C0. |
| 7/12 | Lamar | Beacon Outdoor | FL | Williamson & Assoc. | |
| 6/12 | Bell Media | Outfront Canada | All OOH assets | CA | Solomon Partners |
| 6/3 | StreetLevel Media | Media Transit | VA | Williamson & Assoc. | |
| 5/17 | Go Digital | Beacon Outdoor | NA | AL | Williamson & Assoc. |
| 5/3 | Vistar Media | Adstruc | Agency Software Company | ||
| 4/23 | MediaChoice | QPM, LLC | 4 Static Displays – Dallas | TX | Drachman M&A Co. |
| 4/11 | Hello Media | Out of Home Media, LLC | 94 faces, including 70 digitals | PR | Moorgate Securities |
| 4/10 | MediaChoice | Boulevard Media Company | 4 Digital Displays – Dallas | TX | Drachman M&A Co. |
| 4/2 | New Tradition | Becker Boards | 11 static and 10 digital faces | CA | |
| 4/1 | Lockridge Outdoor | MH Outdoor | 2 Digital Displays – San Antonio | TX | Drachman M&A Co. |
| 3/31 | McWhorter Investments | Southeastern Media | 14 digital faces | VA | Drachman M&A Co. |
| 3/25 | Verde Outdoor | Clear Channel | 280 faces | NY, NJ | |
| 3/15 | Hello Outdoor | Beacon Outdoor | NA | FL | Williamson & Assoc. |
| 2/19 | Keenan Media | Corey Companies | NA | GA | |
| 2/5 | Camel City | Irvin Outdoor | Billboard Hardware Company | NC | |
| 1/30 | Showtime Outdoor | GEFT Outdoor | 1 digital, 2 faces | IN | Stark Capital |
| 1/22 | Huntington Billboards | Various | 176 Faces | OH, AR, LA | |
| 1/18 | Billboard Joe, LLC | Fluhman Outdoor | 458 faces | TX | Drachman M&A Co. |
| 1/14 | Showtime Outdoor | Great American Walls | 1 digital, 2 faces | OH | |
| 1/3 | Oliver Outdoor | Kessler Outdoor | NA | OH | Williamson & Assoc. |
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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