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BATON ROUGE, La., Aug. 04, 2017 -- Lamar Advertising Company (Nasdaq:LAMR), a leading owner and operator of outdoor advertising and logo sign displays, today announced that it has acquired the assets of Steen Outdoor Advertising, significantly enhancing Lamar’s position in Philadelphia and the surrounding region.
The all-cash acquisition adds more than 460 billboard faces, including 23 digital bulletin faces, to Lamar’s existing media footprint in the Northeast. Steen’s inventory is concentrated in Philadelphia and the surrounding Pennsylvania suburbs, with coverage extending into western New Jersey and Delaware.
“The addition of the Steen inventory immediately makes us a major player in the nation’s fourth-largest media market,” said Lamar Chief Executive Sean Reilly. “This acquisition is consistent with our strategy of adding high-quality, REIT-qualified assets to our portfolio, the largest of any U.S. billboard operator.”
Steen, the largest independent provider of outdoor advertising in the Philadelphia region, is one of the oldest out-of-home advertising companies in the U.S., with roots dating to 1932.
Financial terms were not disclosed.
About Lamar Advertising Company
Founded in 1902, Lamar Advertising Company (Nasdaq:LAMR) is one of the largest outdoor advertising companies in the world, with more than 330,000 displays across the United States, Canada and Puerto Rico. Lamar offers advertisers a variety of billboard, interstate logo and transit advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with over 2,600 displays. Please feel free to explore our website www.lamar.com or contact us at [email protected] for additional information.
Press Contact: Buster Kantrow Director of Investor Relations Lamar Advertising Company (225) 926-1000 [email protected]
