Pearl Media just became one of the top out-of-home U.S. media companies.
That’s because it acquired LURE Outdoor, in partnership with Seaport Capital. LURE specializes in street-level OOH ads, more than 120 high-traffic entities — billboards, barricades and storefronts — in New York City, Chicago and Los Angeles. Clients include Calvin Klein, Stella Artois and Uber.
Financial details were not disclosed.
"Pearl Media was born in OOH on the street level, pioneering the acceptance of storefronts into the OOH media mix over a decade ago. Today, the business has grown in several directions, however we have never lost our love for the medium, and we recognized LURE has done an amazing job building out this high-profile permitted inventory in some of the top neighborhoods and cities in the country,” said Joshua Cohen, CEO of Pearl Media.
Bob Tamashunas, partner at Seaport Capital, sees the acquisition as an opportunity to “grow Pearl both organically and inorganically.”
LURE is known for its eye-catching window displays and billboards, which are often experiential and interactive. Street sheets, a form of wild postings, give advertisers a singular space for messaging. Management sees the acquisition as an avenue for growth.
“We are excited to see Pearl's vision for the combined entity come to fruition,” said Jonny Kaloudis, CEO of LURE.