WIth the news of Burkett Media’s sale of assets in San Antonio to Outfront Media, Insider reached out to Max Drachman at Kalil & Co. for details on the transaction.
How many digital boards did Burkett Media sell To Outfront?
This deal consisted of four premier digital displays in a very high traffic corridor of San Antonio. As you might recall, we did a similar deal with both parties last year, so this was an efficient transaction. Chris Rothfelder represented Outfront and Adam Webb represented Burkett.
Sounds like they were very well located assets. How do they fit in with Outfront’s other San Antonio inventory?
Really well. They are focusing on strong digital locations in growth markets, so this acquisition was a perfect fit.
I think of San Antonio and Clear Channel comes to mind. How strong is Outfront in the San Antonio market?
CCO definitely has a lot of history in that market with Red McCombs and the Mays family. That said, Outfront has a strong position in great cities throughout Texas, with outstanding people working their assets.
I know that most of Beau Burkett’s structures are closer to the Austin market. I assume Burkett will continue to be a strong operator in that market?
Beau is a great operator and this business is in his blood. Beau knows how to develop high-end inventory, so he is going to continue growing his business and be active for years to come.
We assume that the transaction market is still a vibrant one?
Interest rates are low, demand from buyers is high, and the asset class remains desirable. National revenue is gaining steam in major markets. As sellers return to the table, the M&A environment will be continue to build momentum and be exciting for the foreseeable future.
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