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Out of Home Values

CPM, Recall, EBITDA, Acquisitions

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PJ Solomon released their September Media Monthly report summarizing select media, event tech and retail tech activity.  

Below are selected segments of PJ Soloman‘s report OOH Today carved out pertaining to Out of Home. It is valuable information you will want to know if you are buying, selling, investing or working in #OOH.

See the full report here⇒ PJ Solomon Media Monthly September 2018 Report



Selected OOH Information

CPM Comparison of US Major Media

Source: PJ SOLOMON estimates as of September 2018 based on SEC filings, news, research and other industry sources.


Advertising Effectiveness and Recall Comparison Analysis

Source: PJ SOLOMON Study as of March 2017 and Wall Street Research. Note: Ranges shift depending on aided vs. unaided recall basis, length of time for recall and sample size / nature and scope. a) Includes linear and non-linear television. b) Includes terrestrial and non-terrestrial / streaming radio, including either analog radio or digital audio over a variety of radio formats (broadcast, simulcast, satellite radio, internet radio, via streaming, media on the internet). c) Includes interactive and non-interactive banner ads that appear embedded in mobile websites, downloaded apps or in mobile games on smartphones and tablets. Does not include text ads via short message service (SMS). d) Includes all forms of desktop display advertising on websites, including text, image, flash, video and audio. e) Includes all forms of outdoor advertising, including billboards, posters, wallscapes, rotary programs, transit, airport advertising and in retail venues. Dotted box indicates revenue-weighted composite of printed and DOOH channels. f) Includes digital media used for marketing outside of the home and includes digital billboards, digital placed based networks and digital signage. g) Includes advertising in newspapers, magazines, directories and circulars




What is ‘EBITDA? – EBITDA stands for earnings before interest, taxes, depreciation and amortization. EBITDA is one indicator of a company’s financial performance and is used as a proxy for the earning potential of a business.


PJ Solomon’s Chronological Update on OOH Acquisitions

 8/31: Link Media, a US-based company engaged in
providing billboard advertisement services, acquired
Waitt Outdoor, a US-based billboard advertising
company, for $82M
 8/23: Lamar Advertising, the US-based outdoor
advertising company, acquired Land Displays, the
US-based billboard company, for ~$12 million
 8/22: Boston Omaha Corporation, the Nebraska based
billboard and insurance firm, acquired all
operating assets of Key Outdoor, an Illinois-based
billboard company, for $38M
 7/31: iHeart Media, the US-based radio and OOH
media company, announced in its quarterly earnings
report that its bankruptcy filing is moving along as
anticipated, with US Bankruptcy Court approval
expected in October or November of 2018
 7/31: JCDecaux, the France-based global outdoor
advertising company, purchased a minority interest in
Corameq, a holding company of Eumex, a Latin
American street furniture group, which JCDecaux had
previously acquired in 2014
 7/18: Alibaba, the Chinese e-commerce giant,
acquired a 6.62% minority stake in Focus Media
Information Technology, a China-based digital
marketing company for $1.43B, as well as invested
$511M in an entity controlled by Focus Media’s
chairman Jason Jiang by subscribing newly issued
 7/11: The Riverside Company, a US-based private
equity firm, acquired an undisclosed minority stake in
Screenvision Cinema Network, a US-based
company engaged in providing cinema advertising,
marketing and media solutions, for an undisclosed
 6/28: JCDecaux, the France-based global outdoor
advertising company, acquired APN Outdoor Group,
a leading out-of-home media company based in
Australia for $899M
 6/25: oOh! Media, the Australia-based Out-of-Home
media advertiser, acquired Adshel, a leading
Australian Out-of-Home media company, for $570M
 6/1: Ocean Outdoor Advertising, a leading UKbased
Out-of-Home advertising company, acquired
Forrest Media, a Scotland-based leading provider of
large format outdoor media solutions for £32M


Who is PJ Soloman?

Founded nearly 30 years ago, PJ SOLOMON is one of the leading financial advisory firms on Wall Street with a legacy as one of the first independent investment banks. They advise on mergers, acquisitions, divestitures, restructurings, recapitalizations, capital markets solutions and activism defense across a range of industries, including: consumer; energy; grocery and restaurants; infrastructure, power and renewables; retail; and media, entertainment and technology.

PJ Soloman’s Mark A. Boidman
Managing Director
212.508.1661 (w)
917.526.1092 (m)
Twitter: @MBoidman














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  1. Jean-Paul Gedeon says

    Wow a lot of acquisitions in the past couple months!

  2. Bill Board says

    The abundance and ease of obtaining capital. OOH produces attractive margins for equally attractive return on investment. Growth potential with new digital screens is significant. Data, software and tech improvements. Acquisitions are the answers and questions. The answer for those moving forward with OOH Industry Changes and it is the question for those who can not move forward with change. Thank you for the comment Jean-Paul.

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