The company has acquired billboards and various business support assets in Portland, Oregon, and Clark County, Washington, from Pacific Outdoor Advertising. They include 211 large-format static displays, 21 digital displays, 709 posters, and 15 walls.
Portland is now the 21st-ranked Nielsen Designated Market Area.
This new OUTFRONT market solidifies its Pacific Northwest foothold. OUTFRONT's inventory currently includes billboards in the non-urban areas of Oregon and Washington, as well as a strong presence in Seattle.
"This acquisition is an exciting entry into a new market, adding high-quality metropolitan assets to augment the region's existing non-urban inventory. Our expansion into Portland also extends the company's presence on the West Coast, which already includes assets in Eugene, San Francisco, Fresno, Los Angeles and San Diego," said Jeremy Male, Chairman-CEO of OUTFRONT Media.
According to a 2019 Geopath report, OUTFRONT Media reaches 7 out of 10 Americans weekly.
For the first quarter of 2022, the company reported revenues of $373.5 million or 44.1% more than the same prior-year period.
Reported billboard revenues of $298.2 million increased $74.6 million, or 33.4%, due primarily to higher average revenue per display (yield) compared to the same prior-year period, which was affected by the COVID-19 pandemic on customer advertising expenditures and overall demand for company services.
Transit and other revenues of $75.3 million increased $39.7 million, or 111.5% YoY.