Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, has 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.
Lamar Chief Executive Sean Reilly told us “The addition of the Steen inventory immediately makes us a major player in the nation’s fourth-largest media market. 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.