Link Media Outdoor (“Link”), a subsidiary of Boston Omaha Corporation (BOMN), has completed the acquisition of Tammy Lynn Outdoor, LLC (“Tammy Lynn”), based in Bluefield, West Virginia. For over 25 years, Tammy Lynn has been owned and operated by Bud and Tammy Acken and grew to become West Virginia’s 5th largest outdoor advertising company with over 250 billboard faces. Link’s out of home plant is located in Alabama, Florida, Georgia, Virginia, West Virginia and Wisconsin.
“We’re very pleased to have worked with Bud and Tammy Acken on this transaction who have spent years building a wonderful plant with land costs averaging around 5% of revenue,” said Jim McLaughlin, President and CEO of Link. “Link is excited to expand into new territories, like West Virginia, and we look forward to having the employees of Tammy Lynn join our team.”
The majority of the purchase will be completed using cash but, as part of the consideration for the purchase, Mr. Acken will receive 85,170 shares of Boston Omaha Class A common stock. Boston Omaha has agreed to register these shares on a Form S-3 following the completion of the acquisition. As of July 31, 2018, Boston Omaha had 20,922,854 shares of Class A common stock and 1,055,560 of Class B common stock issued and outstanding.
McLaughlin says this about the stock transaction: “I always use that as one of the tools in my toolbox, because it helps demonstrate our total flexibility in structuring deals. We have many options that other potential purchasers don’t have. Or don’t want to use. We’re less encumbered than others.”