OMAHA, Neb.–(BUSINESS WIRE) – Link Media Outdoor (“Link”), a subsidiary of Boston Omaha Corporation (NASDAQ: BOMN), has completed the acquisition of substantially all of the operating assets of Key Outdoor, Inc. (“Key Outdoor”), based in Bourbonnais, Illinois. Founded in 1977, Key Outdoor has grown to become one of the largest outdoor companies in the Midwest with over 700 structures and almost 1,800 advertising faces, located in Illinois, Iowa and Missouri.
“We are pleased to announce the acquisition of Key Outdoor, a billboard business built with great care by the Dahl family over the past 40 plus years with land costs recently averaging around 20% of revenue,” said Jim McLaughlin, President and CEO of Link. “This is Link’s first acquisition in the region and we anticipate growing our footprint further over time in the Midwest and other areas of the country. This acquisition, along with our recently announced acquisition of Tammy Lynn Outdoor, LLC, increases our billboard advertising faces by almost 200% since June 30, 2018.”
The purchase price for the acquisition was $38,000,000 in cash. A portion of the purchase price will be retained by Link for a period of up to 18 months as a partial source of recourse for any indemnification claims by Link. The purchase price is also subject to certain prorations of revenues and expenses to be determined within 90 days following the closing. Each of Key Outdoor and its shareholders have also agreed to not compete with the business for a period of five years.
About Link Media Outdoor
Link Media Outdoor is engaged in the outdoor advertising business with over 1,280 billboard structures and 2,900 advertising faces located in Alabama, Florida, Georgia, Illinois, Iowa, Missouri, Virginia, West Virginia, and Wisconsin.