Lamar Advertising Co. has completed its $145 million acquisition of NextMedia Outdoor Inc., an advertising subsidiary of NextMedia Group Inc.
The deal marks NextMedia’s exiting of the outdoor advertising business, which consisted of about 7,000 advertising sites and 155,000 billboards. The Englewood, Colo.-based seller said it plans to focus solely on its broadcasting business. Nextmedia operates 33 radio stations across eight states, including California, Illinois, Michigan, North Carolina, South Carolina, Ohio, Texas and Wisconsin.
NextMedia is majority owned by private equity firms Strategic Value Partners LLC and Angelo Gordon & Co. The two firms acquired the company in June 2010 out of bankruptcy. NextMedia filed Chapter 11 on Dec. 21, 2009.
Proceeds from the sale will be used to eliminate NextMedia’s remaining debt.
Lamar is headquartered in Baton Rouge, La.