Gail Chiasson, North American Editor
OUTFRONT Media Inc., New York, one of the largest out-of-home media companies in the U.S., has acquired Reynolds Outdoor Media Inc., a company with over 500 displays in the cities of Dallas and Houston, Texas, including kiosks, walls, and digital displays.
All of the acquired assets are REIT qualified. Purchase price was not announced.
“We’re pleased to be adding these very attractive, top-market, urban assets to our portfolio,” says Jeremy Male, chairman and CEO of OUTFRONT Media. “This acquisition significantly enhances our existing inventory in Dallas and Houston by augmenting our strong billboard presence with new coverage in vibrant, high-density, retail, entertainment, and business districts. These are precisely the kind of environments that can benefit from digitization and integration with our ON Smart Media platform to bring location-based mobile audience targeting to our advertising clients.”
Weil, Gotshal & Manges LLP acted as legal advisor to OUTFRONT Media. RBC Capital Markets acted as financial advisor to Reynolds Outdoor Media and Locke Lord LLP acted as its legal advisor.
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