 | |
| Company type | Public |
|---|---|
| NYSE: OUT Russell 1000 Component S&P 600 Component | |
| Industry | Outdoor advertising |
| Founded | 1938; 87 years ago (1938) |
| Headquarters | , |
Area served | Americas |
Key people | Nick Brien (Interim CEO) Matthew Siegel (CFO) |
| Products | Billboards, Transit Advertising |
| Revenue |  US$ 2.5B (2020)[1] |
Number of employees | 2,370 (2020)[2] |
| Website | outfront |
Outfront Media, Inc. (stylized asOUTFRONT/) is an American advertising company. It operates in markets including theUnited States andCanada.[3] The Americas division is led by interim chief executive officer Nick Brien.[4] Outfront Media has both billboards and transit displays.
TDI (Transportation Displays Incorporated) was the first predecessor company for transit advertising, publishing advertising for passenger railroad timetables and displays in railroad terminals. TDI was first incorporated in 1938. TDI was sold to IT&T in the early 1970s and then to the Winston Network in the early 1980s, it was later renamed TDI in 1989 led by Bill Apfelbaum. In 1996 the company was sold toInfinity Broadcasting. The transit business and the billboard business merged in 2001 under the nameViacom Outdoor.
The billboard division was originally two separate companies: National Advertising Company (also known as 3M National or National 3M), the outdoor advertising subsidiary of3M; and Gannett Outdoor, owned by theGannett Company. In August 1996, Gannett exited the billboard business by selling its outdoor division to Phoenix, Arizona-based Outdoor Systems Advertising. OSI would later acquire 3M National in May 1997, but before that sale was finalized, theUnited States Justice Department ruled that Outdoor Systems had to sell nearly all of its 3M billboards in ten U.S. cities (all 3M billboards inPhoenix, Arizona;Sacramento, California;New Orleans;Louisville, Kentucky;Denver;Detroit;Kansas City, Missouri andGrand Rapids, Michigan; plus almost all 3M billboards inAtlanta and half of 3M's billboards inHouston) where both Outdoor Systems (OSI) and 3M National already had billboards to Lamar Advertising Company to avoid a monopoly in these cities.[5]
On December 7, 1999, Outdoor Systems (OSI) was bought byInfinity and became Infinity Outdoor. Infinity was absorbed intoViacom in 2001, and became Viacom Outdoor. WhenViacom split fromCBS Corporation in December 2005, it became CBS Outdoor. CBS owned CBS Outdoor as a division of CBS until March 2014, at which point it wasspun off into an independent company. CBS Corporation continued to own 83% of Outfront Media, although this number is expected to decline over time as Outfront Media converts into areal estate investment trust and CBS Corporation divests itself of the outdoor unit.[6] CBS Outdoor shares began trading on theNew York Stock Exchange on March 28, 2014.[7] In July 2014, it was announced that CBS Outdoor would acquire the billboard business of Van Wagner Communications for $690 million.[8]
As of July 17, 2014, CBS Outdoor became a fully independent corporation, operating as a real estate investment trust. The company announced it would rename itself as Outfront Media, Inc., effective November 20, 2014. The company's ticker symbol on the NYSE changed from CBSO to OUT. A rebranding program converted billboards, signage and displays from CBS Outdoor to Outfront logos. In October 2015, Outfront Media refused to postNew York City Subway ads involvingThinx underwear for women, on the basis that the word "period" was used in the advertisement copy and was accompanied by images of grapefruits.[9][10]
Since then, Outfront Media has expanded its initiatives, such as a campaign with Dogology Inc., a virtual dog training startup, and the installation of digital advertising screens in the New York City Subway.[11] The campaigns have been highly successful.[12] Further, executives were devising new strategies with the growth of5G technology.[13]
In September 2018 ‘Today, I’m Brave,’ based inLos Angeles and the non-profit part of creative agency David&Goliath, put together a fundraising initiative with the purpose of aidingPuerto Rico's recovery fromHurricane Maria. As part of this effort, Outfront donated a billboard that went up in the heart of Hollywood on the one year anniversary of Hurricane Maria andHurricane Irma to commemorate and raise funds for hurricane victims.[14] In October 2018, an 18-member coalition of Chicago Southland churches, synagogues and mosques spread the message "One God, Three Faiths" using Outfront billboards.[15] In aCNBC interview, Outfront Media CEO Jeremy Male said that out-of-home media is a popular medium among top tech and consumer companies, and is a growing advertising medium.[16]
Outfront Media holds advertising contracts including:
Outfront Media Canada (Outfront Média inQuebec) was an outdoor representative in Canada. On October 23, 2023,Bell Media signed a deal to buy Outfront Media's Canadian division for $410 million.[17] The deal closed in 2024, when all billboards defaulted toAstral Out of Home.[18] Major products/contracts include:
Outfront Media products are audited and measured by COMB (the Canadian Out-of-Home Measurement Bureau).