Louisiana company close to deal to buy Fairway Outdoor Advertising
Kevin Gleason | December 26, 2018
A Baton Rouge, Louisiana-based company is nearing a deal to buy Fairway Outdoor Advertising's billboards in North Carolina, South Carolina, North Georgia, and Wisconsin, according to a report by Bloomberg. Bloomberg cited one source who said Lamar Advertising Co.'s deal could be worth $416.5 million. According to Bloomberg, Lamar was founded in 1902 and is one of the largest outdoor-advertising companies in the world, with more than 348,000 billboards across the U.S. and Canada. Based in Duncan, South Carolina, with an office in Greensboro, Fairway has more than 1,200 billboards across the Triad, according to its website. It was acquired by Chicago-based GTCR in 2015. Bloomberg cited an interview with CEO Kevin Gleason said in May, saying that Fairway was exploring options including converting into a real estate investment trust.