Blackstone, the private equity company with extensive global commercial real estate , has purchased a controlling stake in New Tradition Media, one of the top players in out-of-home media operations across the United States’ major markets. The deal was announced today, with funds managed by Blackstone Tactical Opportunities handling the acquisition. Specific details regarding the transaction were not made public.
New Tradition Media, established in 2010, has built a strong portfolio over the years, specializing in high-quality digital and static signs for a range of national brands and advertising agencies. The company’s assets, notably including One Times Square in New York City and The Reef in Los Angeles, are recognized as some of the most influential large-format out-of-home advertising platforms across the country.
Blackstone’s investment is expected to catalyze New Tradition’s growth and bolster its network of relationships within real estate and advertising. Despite the change in majority ownership, the company’s operations will continue under the leadership of the current management team. The four executives—Evan Richheimer, Bret Richheimer, Vince Mastria, and Lu Cerda—will maintain a substantial equity stake.
Blackstone representatives expressed optimism about the union, highlighting the potential benefits of the firm’s size, resources, and established connections for New Tradition’s future development. They also underscored the significance of New Tradition’s position in the rapidly evolving market of digital signage technology and the impact it has on consumer interaction with physical advertising.
What Display Daily Thinks
This is quite significant because of the expectations for digital signage, and DOOH, that Blackstone has emphasized. It ties into some of the things that have been said on these pages before about displays being about real estate. Well, it seems like real estate is about displays.
Blackstone would not be doing this unless the payoff was substantial and disruptive. It will be interesting to see how this accelerates digital signage adoption or location-based advertising through DOOH.
