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Blackstone Buys Majority Stake in Out-of-Home Media Operator
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, New Tradition specializes 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. The existing management team will continue to oversee the company’s operations and retain significant equity ownership. The transaction’s financial details were not disclosed.
“Technological advancements in digital signage are transforming the way consumers engage with the physical advertising industry,” said John Watson, managing director, and Kern Vohra, senior associate at Blackstone.
