It has been too long since we did a ‘Word on the Street’.
It’s been a very busy last 30 days for many of us. Business seems to be picking up and the news is cranking.
Let me share what we have come across on our desks in the last few weeks.
These are my opinions and credible rumors on the streets of the OOH Industry. Please don’t go out and do anything rash after reading.
I trust you will have your own opinions and look forward to your comments on any one of the subjects.
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Did CCO sell its NY Hudson Valley units to Verde?
We have had two confirmations that Clear Channel Outdoor has sold its Hudson Valley units to Verde Outdoor. We were told it was over 300 faces. CCO to Verde Outdoor…
Is this the start of a Clear Channel sell-off in the States? We all know CCO is ‘selling’ the business outside of the US. Verde and CCO did not respond to our requests for confirmation.
1a. If CCO sold its NY Hudson Valley units to Verde
Verde’s Ernie Garcia and Verde Investments along with Artie Moreno have been purchasing substantial amounts of CCO stock. Did anyone know this opportunity was available? Verde owners have a lot of dough invested in CCO. Was the opportunity available for others to bid? Surely it was in the open market for maximizing value. Did the stockholders get the best deal?
Definition of related party transaction here ⇒ THOMSON REUTERS PRACTICAL LAW
2. Looks Like OAAA filled the open position of VP of Government Affairs
We are taking a wild stab here, but it appears that Andy McDonald will be taking the spot vacated by Kerry Yoakum at the OAAA. If so best wishes to Andy. He had just started writing for us the beginning of the year and he gave us a generous two-week notice and well, today was his last story. We will miss his insightful writing. Is anyone interested in that feature? The pay is excellent… it’s zero and all the PR we can provide you via OOH Today. And it is beneficial. Just ask Nick.
If indeed McDonald is going to the OAAA, then that’s two of our OOH Today associates the OAAA has hired. And that’s fine by us! No, it is. What is best for the Industry was one of our goals when we started this publication. Andy McDonald would not comment to us on his future endeavors.
3. Sad News—Steve Adams Passed
Steve Adams who began Adams Outdoor in 1983, passed away on March 14. He was 86 years old. His obituary here⇒ Stephen Adams. I opened Kalamazoo/Battle Creek for Adams as GM in 1983 when we purchased Central Outdoor. Then went on to manage Peoria as President and GM when we bought out Illinois Outdoor in 1984. Steve and his namesake company was a good place to work, particularly for an aspiring youngster in his 20’s given a great deal of responsibility.
4. Unbelievable News —Adams’ President / CEO Kevin Gleason Boarded
Kevin Gleason is said to be a full-time board member and no longer day-to-day at Adam’s as of March 1. OK, does anyone know Kevin Gleason very well? We do not see ‘no longer day to day’ happening anytime soon. In February this year, Adams did bring on a new CRO, Josh Scharfberg. He came from Clear Channel where he was president of NY. Scharfberg has strong roots in the Industry dating back to Titan.
Kids, Titan merged with Control Group and became Intersection.
3+4 = 5. Adams Succession
So what is next for Adams Outdoor? Succession plan? Here is a thought.
Searchlight Capital Partners and British Columbia Investment Management Corporation (“BCI”) the firms who invested a ton of dough into Adams in September 2021, might be interested in ‘cashing out’? Perhaps in the next two or three years while preparing the company, which Steve Adams had carefully built over the last 40 years, for the big payday. So who’s to step up for an Adams purchase?
Who do you think?
Cue Sean Reilly, CEO Lamar, recent comments with regards to acquisitions at a recent JP Morgan Conference, “… we also think that back half of 2025 going into 2026 could be a meaningful year …so we’re prepping the balance sheet for that…” Adams and Lamar preparing their respective balance sheets for the future.
With no apparent succession plan in place for Adams, what do you think is going to happen? Where’s Sarah Snook when you need her?