The acquisition adds 73 digital displays across four US states, strengthening Lamar Advertising's presence in the upper Midwest and making it the leading billboard operator in North Dakota.
From Newman Outdoor: Lamar Acquires 2,250 Billboard Faces
Lamar Advertising has acquired the billboard assets of Newman Outdoor Advertising, adding more than 2,250 advertising faces to its US portfolio, including 73 digital displays.
The acquisition covers inventory in North Dakota, Minnesota, Montana and South Dakota, expanding Lamar’s presence across the upper Midwest.
The Baton Rouge, Louisiana-based company completed the transaction during the week of November 9 and paid cash for the assets. Lamar did not disclose the purchase price.
The addition of 73 digital displays expands Lamar’s DooH inventory in the region, while the larger portfolio of traditional and digital billboards strengthens its position in several markets.
“We are thrilled to add Newman’s inventory, which will further strengthen our portfolio across the upper Midwest,” said Lamar CEO Sean Reilly. “The transaction immediately establishes us as the leading player in North Dakota.”
A family-owned billboard business
Newman Outdoor traces its roots to 1956, when founder Harold Newman began painting signs in his mother-in-law’s garage in North Dakota to help pay for college tuition.
The family business subsequently expanded into traffic and road safety sign manufacturing, large-format printing and billboard advertising, eventually establishing operations in New Mexico.
Newman had previously divested its non-billboard businesses and Southwest billboard assets, leaving the upper Midwest advertising portfolio that Lamar has now acquired.