Blackstone, through its funds managed by Blackstone Tactical Opportunities, has acquired a majority stake in New Tradition Media, an out-of-home media operator established in 2010. Specializing in developing, owning and operating digital and static signage for national brands and advertising agencies across the United States – including One Times Square in New York City and The Reef in Los Angeles – the company manages extensive out-of-home advertising assets.
The partnership between Blackstone will support New Tradition’s growth by leveraging its network of real estate relationships as well as existing advertisement connections. The current management team will remain to oversee operations while also retaining significant equity ownership; financial details of the transaction were not disclosed.
John Watson (managing director) & Kern Vohra (senior associate) at Blackstone commented on this acquisition: “Technological advancements are revolutionising how consumers interact with physical advertisements – our investment into New Tradition is testament to that.”
