Outfront Media

At the Citi Global TMT Conference, Outfront Media reported revenue and AFFO growth well above expectations, driven by stronger pricing and high demand in out-of-home advertising. The company is increasing investment in digital, programmatic and experiential advertising as well as in staff and technology, which is causing higher near-term spending. The balance sheet was strengthened by the sale of the Canadian business and refinancings, leaving no debt maturities until 2029 and creating room for larger acquisitions (estimated M&A capacity $200–300 million/year). Digital revenue currently makes up 30–35% of total revenue with a long-term target of 50%; programmatic sales and sports/transit partnerships are expected to provide further growth. » Altro su de.investing.com

OUTFRONT Media will be the exclusive out-of-home advertising partner of the New York Jets and is launching a multiyear partnership effective immediately. Jets sponsors can advertise across OUTFRONT’s network of billboards, digital displays and transit advertising in the New York metro area as well as at transportation hubs and commuter routes. The contract also includes access to OUTFRONT Studios, which creatively adapts campaigns for out-of-home advertising. The partnership is intended to amplify Jets sponsors’ brand reach beyond MetLife Stadium. » Altro su de.investing.com

Outfront Media announced a private placement of $500 million in senior notes, carrying a 6.00% interest rate and maturing on June 15, 2034. The unsecured, senior obligations are guaranteed by Outfront Media and certain subsidiaries and include covenants that, among other things, restrict additional indebtedness and asset transfers; early repurchases are permitted from June 15, 2029. The issuance comes against a backdrop of total debt of $4.16 billion, a current ratio of 0.82 and positive quarterly results, making the capital structure particularly relevant for investors. » Altro su de.investing.com