Blackstone (NYSE:BX) announced that funds managed by the company’s Blackstone Tactical Opportunities division acquired a majority stake in New Tradition Media, an out-of-home media operator with assets across the nation’s largest markets.
Founded in 2010, New Tradition develops, owns and operates premium digital and static signage for leading national brands and advertising agencies. The company’s portfolio includes some of the most prominent large-format out-of-home advertising assets, including One Times Square in New York City and The Reef in Los Angeles.
New Tradition’s management team of Evan Richheimer, Bret Richheimer, Vince Mastria and Lu Cerda will continue to run the business and remain significant equity holders after the transaction’s closing. The financial terms of the deal were not disclosed.
“We’re thrilled to partner with Blackstone, whose track record of scaling founder-led businesses and significant real estate expertise, will enable New Tradition to accelerate the expansion of our footprint and continue to provide cutting edge out-of-home advertising solutions to new and existing clients,” said Richheimer, New Tradition’s co-founder and CEO.
Photo of One Times Square courtesy of NASA / Flickr Creative Commons
