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, the company manages out-of-home advertising assets including One Times Square in New York City and The Reef in Los Angeles.
Blackstone’s partnership will support New Tradition’s growth by leveraging its network of real estate and advertising relationships while allowing the existing management team to continue overseeing operations with significant equity ownership. Financial details of the transaction remain undisclosed.
John Watson (managing director) & Kern Vohra (senior associate) at Blackstone commented: “Technological advancements are transforming how consumers engage with physical advertising industry” – emphasizing their confidence towards this acquisition as they look to capitalize on these changes within this sector.
