Baton Rouge-based billboard giant Lamar Advertising Company bought Steen Outdoor Advertising, the company announced today, the latest acquisition of smaller firms for the publicly-traded company.
Terms of the sale were not disclosed, but Lamar in a news release says the all-cash acquisition will add more than 460 billboard faces, including 23 digital billboards, to Lamar’s footprint.
Steen’s, a Philadelphia-based company, also has assets in New Jersey and Delaware.
“The addition of the Steen inventory immediately makes us a major player in the nation’s fourth-largest media market,” Lamar CEO Sean Reilly says in a statement. “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.”
The deal comes on the heels of Lamar’s acquisition of an airport advertising firm in Atlanta a month ago. That move boosted Lamar’s airport business to around $40 million in revenues annually. Lamar has overall revenues of around $1.5 billion.
Steen’s is the largest outdoor advertiser in the Philadelphia region, Lamar says, and first opened in 1932.
