Lamar Media Buys NextMedia Outdoor As Company Explores Radio Selloff
October 26, 2012 at 8:26 AM (PT)
LAMAR ADVERTISING COMPANY, and its wholly owned subsidiary, LAMAR MEDIA CORP., is acquiring the outdoor division of NEXTMEDIA.
LAMAR announced they would sell $535 million of 5.00% Senior Subordinated Notes due 2023 through an institutional private placement. The proceeds, would be used to fund the acquisition of NEXTMEDIA OUTDOOR, INC. and potential acquisitions that are currently being evaluated by LAMAR.
NEXTMEDIA GROUP Pres./CEO JIM DONAHOE told ALL ACCESS, "I can confirm that we are have hired an investment banking group that is advising us on how to optimize the radio assets. The outcome of this process may or may not be a sale."