NextMedia Group has completed the sale of NextMedia Outdoor, its outdoor advertising subsidiary, to Lamar Advertising for $145 million. With the completion of the transaction, NextMedia is now focused on its radio broadcasting biz, which operates 33 stations across eight markets. NextMedia is majority owned and advised by funds Strategic Value Partners (SVP) and Angelo, Gordon & Co.
SVP and Angelo Gordon have been involved in NextMedia since 2010. Initially, as the largest creditors to the company, they helped lead the restructuring of the business. Subsequently, they gained equity ownership of the company when it emerged from Chapter 11. Appointing and working closely with management, SVP and Angelo Gordon improved the existing operations, and expanded the outdoor ad platform through acquisitions and a successful program to roll out digital billboards. This work greatly enhanced the value of NextMedia Outdoor and led to its ultimate sale, which eliminated NextMedia’s debt and will add to the company’s cash balance.
Said Victor Khosla, SVP Founder and Chief Investment Officer: “We are pleased to have been able to partner with management to achieve the turnaround of and the growth in operations and performance of NextMedia Outdoor, and we look forward to continuing to help the team drive the value of NextMedia’s radio operations.”