Funds managed by Blackstone Tactical Opportunities have acquired a majority stake in New Tradition Media, an ‘out-of-home media operator’ of digital and static signage for national brands and advertising agencies across the US.
Funds managed by Blackstone Tactical Opportunities (Blackstone) have acquired a majority stake in New Tradition Media (New Tradition), an ‘out-of-home media operator’ of digital and static signage for leading national brands and advertising agencies across the US.
Founded in 2010, New Tradition manages some of the most iconic, large-format, out-of-home advertising assets nationwide, including One Times Square in New York City, and The Reef in Los Angeles.
This partnership with Blackstone, the largest owner of commercial real estate globally, will provide New Tradition with an enhanced network of real estate and advertising relationships.
The company’s management team, Evan Richheimer, Bret Richheimer, Vince Mastria and Lu Cerda, will continue to run day-to-day operations of the business and remain significant equity holders after closing.
Terms of the transaction have not been disclosed.
Moelis & Company LLC served as a financial advisor to Blackstone, and Weil, Gotshal & Manges LLP served as a legal advisor to Blackstone. Solomon Partners served as a financial adviser to New Tradition, and Lowenstein Sandler LLP served as a legal advisor to New Tradition.