Lamar Acquires Clear Channel’s Outdoor Assets in Five US Markets

RMG Networks Revenue Jumps 22% In Second QuarterLamar Advertising Adds Cleveland, Des Moines, Memphis, Reno and Seattle/Tacoma to Outdoor Portfolio

BATON ROUGE, LALamar Advertising has acquired the assets of Clear Channel Outdoor Holdings in five U.S. markets. The markets were purchased for $458.5 million in cash and add more than 5,500 bulletin and poster faces, including 132 digital billboards, across five US markets to Lamar’s portfolio. Lamar (Nasdaq: LAMR), expects the acquisition to be accretive to Adjusted Funds From Operations per share in 2016.

“We are always thrilled to add high-quality, REIT-eligible assets in attractive markets to our portfolio,” said Lamar chief executive Sean Reilly. “Given Clear Channel’s goal of focusing on its core markets, this is a transaction that makes great sense for both of us. We look forward to bringing our outstanding customer service and dynamic digital-advertising capabilities to Cleveland, Seattle/Tacoma, Des Moines, Memphis and Reno.”

J.P. Morgan Securities LLC acted as sole financial advisor to Lamar on the transaction. Lamar financed the acquisition using $160 million of revolver borrowings and a $300 million term loan bridge facility provided by J.P. Morgan Chase Bank, N.A.

Kean Miller LLP and Locke Lord LLP acted as legal advisors to Lamar.

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