Providence Equity Partners acquires lease for Times Square billboards

According to terms of the deal, OUTFRONT Media Inc, a portfolio company of Providence, and out-of-home media company, will operate the billboards on Providence’s behalf.

  • In addition to the lease, Providence has acquired the existing digital billboard signage and will continue to work with several advertisers who currently have long-term agreements in place at these locations
  • Solomon Partners served as financial adviser to UBG on the transaction
  • Providence invests in media, communications, education, and technology companies across North America and Europe

Providence Equity Partners has acquired a multi-decade lease for nine marquee billboards at Two Times Square and 1600 Broadway from Universal Branding Group. No financial terms were disclosed.

According to terms of the deal, OUTFRONT Media Inc, a portfolio company of Providence and out-of-home media company, will operate the billboards on Providence’s behalf.

In addition to the lease, Providence has acquired the existing digital billboard signage and will continue to work with several advertisers who currently have long-term agreements in place at these locations.

“We are thrilled to acquire these assets, which are among the most premium digital billboard signs in one of the most highly trafficked locations on the planet – Times Square,” said Lucy Dobrin, managing director at Providence, in a statement. “2TS is one of the longest-standing locations for signage in Times Square and there are many opportunities to amplify the advertising impact of these digital billboards going forward.”

Solomon Partners served as financial adviser to UBG while Gibson, Dunn & Crutcher LLP served as legal advisor. Debevoise & Plimpton LLP and Davis+Gilbert LLP served as legal advisors to Providence. Duane Morris LLP served as legal advisor to OUTFRONT.

Providence Equity Partners invests in media, communications, education, and technology companies across North America and Europe. Since its founding in 1989, Providence has invested over $32 billion across more than 170 private equity portfolio companies.