‘OOH still has to be sold‘
‘Word on the Street’ is ‘moving month’. OK, two words.
Let me share what we’ve come across on our desks over the last few weeks.
Cryptic by design, these are my opinions and credible rumors on the streets of the OOH Industry. Please don’t take any rash actions after reading.
I know that you will have your own opinions, and I look forward to your comments on any one of the subjects.
- We mentioned it in our last Word on the Street: Lamar has acquired Verde. Or so we have been told by dozens of people this Holiday weekend. There was no denial from anyone at Verde or Lamar. I don’t have any confirmation either. This has been an on-again, off-again ‘deal’ for the last several months. We may never learn what the false starts were caused by, but as one knows about cars and automobiles, sometimes they have a difficult time getting started, and it could be due to any number of reasons. Taking full stock of the Lamar /Verde sale, we understand the ‘deal is complete’ and no dollars were exchanged. We have not seen a press release and may not see one, similar to the recent Lamar acquisition of Green Signs of Chicago—film at Six PM.
- You have all no doubt heard about the OUTFRONT Media ‘layoffs’. Straight out firing, we are told. Many of the best and brightest are part of that jettisoning. I thought the 4th of July was declaring and successfully removing ourselves from British rule, and yet when one Brit leaves Outfront, a second steps into the breech. I find myself questioning whether American History is taught at Bucknell. Male did a similar strategy with personnel when he took control in 2013, eliminating a dozen or so top General Managers from the company, including Detroit’s GM, as well as the General Managers of Minneapolis and Nashville, and many more. How did that fair for Male, Sriubas, and Punter? Not very well. Besides all three now gone from OUT, they were also unable to generate the kind of revenues or margins needed to maintain the confidence of the OUT Board. Who, by the way, we are told, has one key figure on that Board who is calling the shots, or at least did so when it came to chopping over 120 staff at OUT over the last few weeks. Word is that it is up to over 175 people. We are working on the math and the names of the staff who took the bullet.
Notable ratings:
a. Bucknell University’s Kenneth W. Freeman College of Management —US News & World Report: #114 for Undergraduate Business programs in 2025. #114
b. Bucknell University’s economics program, while it doesn’t have a specific “BA in Economics” ranking, consistently places high in overall economics and business school rankings. No ranking but it places high. Geesh!
c. ‘The Golden Rule’ seems to govern decisions at OUT — ‘The Golden Rule’: Whoever has the gold makes the rules. And you thought it was intellect and experience.
So, while a new Brit is running or the ‘head’ (interim CEO) of OUT and mass redundancies (what do the Brits call it?) have taken place, how is this any different from when Male took the reins? We are told the difference is the ‘excuse’ …err, reasoning in the removals. It’s automation and cost savings. I will cover this in another writing, but let it suffice to say that, aside the measurement, automation, and programmatic aspects, the product still has to be sold. As our dear friend Bob Wolfe would say, “OOH still has to be sold.”
What have you sold today?
Outfront press release on the RIFs-“the restructuring is intended to support Outfront Media’s goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization.”. That will be some neat trick to watch ‘sales demand grow and enhance customer experience ‘ while RIFing sellers and others. I guess the last two goals will be achieved.Bob Wolfe is right. This stuff doesn’t sell itself.