The Big 3 Are Investing Again

Lamar, OUTFRONT and Clear Channel have accellerated investment plans after tightening the belt during Covid.  OUTFRONT’s Matt Siegel said this about capital spending on last Friday’s earning call:

We added 47 new digital boards this quarter and 77 year to date…You’ll probably see an increased pace of capex in the second half…We spent $27 million of cash on acquisitions, typically on tuckins.

Here’s a breakdown of the quarterly investment spending (acquisitions and capex) for Lamar, OUTFRONT and Clear Channel Outdoor.  Lamar and OUTFRONT’s second quarter 2021 capital spending was in line with fourth quarter 2019 pre-covid.  Clear Channel is lagging but Billboard Insider expects it will start to spend more now that revenues have recovered.  Increased capital spending is good news if you are an out of home vendor.

Capital Expenditures and Acquisitions for Lamar Advertising, OUTFRONT Media and Clear Channel Outdoor (million $$$)

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