bMedia Group, a Puerto Rico company founded in 2008 closed on the acquisition of the assets of Lamar Advertising of Puerto Rico, from Lamar Advertising Company, a multinational outdoor advertising company.
Through the transaction, bMedia — owned and directed by two young Puerto Rican entrepreneurs — took over 180 billboards formerly operated by Lamar, which now apparently exits the market. The financial terms of the transaction that closed Monday were not disclosed, despite numerous attempts to obtain the information.
“Thanks to the support of all of our clients and our excellent work team, we have evolved and kept at the forefront of market trends and needs through acquisitions like this one, which have proven to be extremely positive for the industry and the economy of our [island,]” said Héctor Horta, founding partner of bMedia.
Lamar Advertising is one of the largest outdoor advertising companies in the world with more than 348,000 displays across the United States, and Canada.
“As a young entrepreneur, I’m proud to be able to materialize this great strategic acquisition as it fulfills our objective of continuing to contribute to the economic development of the [island] and in turn, allows us to continue solidifying the outdoor advertising industry,” said Juanchi Casillas, also a founding partner of bMedia.
“Lamar’s media assets further complement our bMedia offering, hence providing our clients with an outdoor media network that will allow them to communicate with their consumers more effectively,” Casillas said.
bMedia Group provides billboards and other technological media vehicles in digital and static formats.