Key Takeaways LAMR's local advertisers drove 78% of revenues, growing for 18 straight quarters.Digital billboards now make up 31% of revenues, boosting flexibility and advertiser appeal.Lamar maintains low debt, $834M liquidity and planned $300M in acquisitions for 2025.Lamar Advertising Company (LAMR) has quietly built a reputation as one of the most consistent players in the out-of-home advertising space. While digital ads grab headlines, Lamar’s billboards, transit displays and airport advertising contin ...

Core Insights - Outfront Media Inc. is a real estate investment trust and a significant player in the out-of-home advertising sector, operating a large portfolio of billboards and transit displays across the U.S. and Canada [1] Financial Performance - The company reported Q3 2025 earnings with an EPS of $0.29, surpassing the consensus estimate of $0.25, and revenues of $467.50 million, exceeding the consensus of $458.32 million [4] - For Q4 2025, analysts expect the company to post an EPS of $2.13, an increase from $1.94 in the prior-year period, with quarterly revenue projected at $91.38 billion, up from $82.91 billion a year earlier [2] Stock and Dividend Information - Outfront Media's stock price has fluctuated between $12.95 and $23.47 over the past 52 weeks [3] - The company offers a dividend yield of 5.14%, having paid $1.20 per share in dividends over the last 12 months [3] - To generate an income of $100 per month from dividends, an investment of approximately $23,346 is required, based on the current dividend yield [6]

Company Overview - Clear Channel Outdoor Holdings is a major player in the outdoor advertising industry, providing services through billboards, street furniture displays, transit displays, and other out-of-home advertising formats, operating solely within the United States [1][4] - The company has transitioned to a U.S. pureplay, enhancing its focus and potential value from a multiple perspective, making it easier for potential acquirers [8] Activist Involvement - Anson Funds, which holds a 3.65% stake in Clear Channel Outdoor, has initiated a campaign calling for the sale of the company, marking a strategic shift for the fund [2][3][7] - The activist strategy is led by Sagar Gupta, who previously worked with Legion Partners during their campaign for Clear Channel Outdoor, indicating a long-term interest in the company [2][7] Financial Performance and Valuation - Clear Channel Outdoor has faced challenges with its two business lines in the Americas and Europe, with the U.S. operations trading at approximately 13-15 times EBITDA, while European operations traded around 8 times EBITDA [5][6] - Despite recent divestitures and a focus on digital transformation, the company's stock has declined by 26.56% since Legion's activist filing and over 90% from its IPO price [6] Strategic Moves and Market Position - The company has executed several divestitures, including selling its European and Latin American businesses, which has allowed it to focus on the U.S. market and reduce debt [6] - Potential acquirers for Clear Channel Outdoor include JCDecaux and Lamar, both of which have shown interest in the outdoor advertising sector [8][9] Digital Transformation - Clear Channel Outdoor's digital billboard segment has grown to only 5% of its portfolio, despite accounting for over a third of its revenue, highlighting the slow pace of digital transformation due to regulatory approvals [11] - The slow rollout of digital ads poses challenges for the company, particularly in meeting quarterly reporting expectations as a public entity [11]