BATON ROUGE, La., Aug. 5, 2014 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq:LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announced Tuesday that it has acquired the assets of Marco Outdoor Advertising, Inc., enhancing Lamar's position in New Orleans and the surrounding market.
"This transaction is consistent with our strategy of adding high-quality, REIT-qualified billboard assets," said Lamar Chief Executive Sean Reilly. "New Orleans is a hive of economic activity right now, which makes the Marco inventory a particularly attractive fit with our existing footprint there."
The all-cash acquisition adds more than 150 bulletin faces, including six digital displays. Marco's inventory is concentrated in New Orleans, particularly along the Pontchartrain Expressway and other major routes into the city, with additional coverage in the bedroom communities on the Northshore of Lake Pontchartrain.
"I've enjoyed building Marco over the last 27 years and being part of the New Orleans corporate community," said Marc Winston, owner of Marco. "I'm excited to be able to hand off the business to another Louisiana company. I wish Lamar the best."
Financial terms were not disclosed.
Lamar Advertising Company is a leading outdoor advertising company currently operating over 150 outdoor advertising companies in 44 states, Canada and Puerto Rico, logo businesses in 23 states and the province of Ontario, Canada and over 60 transit advertising franchises in the United States, Canada and Puerto Rico.
CONTACT: Company Contact: Buster Kantrow Director of Investor Relations (225) 926-1000 firstname.lastname@example.orgSource:Lamar Advertising Company