MONTCLAIR, NJ–(BUSINESS WIRE)–Pearl Mediain partnership with port capitalacquired Outdoor LURE, making it one of the leading out-of-home (“OOH”) media companies in the United States. Based in New York, LURE Outdoor’s OOH mix includes more than 120 large-scale street-level billboards, barricades and storefronts in New York, Brooklyn, Chicago and Los Angeles.
Additionally, Pearl continues to focus on providing more brand-specific media buys through partnerships with some of the most sought-after mixed-use developments and large-format OOH assets in the country’s urban downtown markets. . The acquisition enables the company to deliver meaningful and expanded reach to high-impact media in forward-thinking hubs in major cities.
“Pearl Media was born in OOH at street level, pioneering the acceptance of storefronts into the OOH media mix over a decade ago. Today, the company has grown in several directions; however, we never lost our love for the medium and recognized that LURE has done an amazing job building this top-notch authorized inventory in some of the best neighborhoods and cities across the country. We couldn’t be more thrilled at the opportunity. it’s up to us to continue to grow this portfolio with the extended team,” said Joshua Cohen, CEO of Pearl Media.
“Josh and his team have done an amazing job building Pearl into a leader in the OOH space and giving it the competitive edge it has today. Seaport has invested in OOH companies for the past 25 years, and we believe that Pearl and LURE’s collection of assets is extremely unique and attractive in the markets in which they operate,” said Bob Tamashunas, Partner at Seaport Capital. “We are excited to further grow the business they have created and to partner with the team to help grow Pearl organically and inorganically.”
Over the past 8 years, LURE Outdoor has led the way by curating and developing must-see eye-level billboards and showcases, capturing consumers’ attention with bold and innovative campaigns. LURE’s strengths have enabled brands to break into the busiest and most sought-after streets and neighborhoods to connect with consumers. “With shared values and a shared love for street-level OOH media, joining Pearl is the perfect next step for LURE’s growth. We are excited to see Pearl’s vision for the combined entity come to fruition,” said Jonny Kaloudis, CEO of LURE.
About Pearl Media
Pearl Media develops, manages and sells unique marketing, digital and static media opportunities. Working with best-in-class real estate assets, Pearl develops city centers, mixed-use commercial spaces, transit centers and adjacent transit properties in key markets with premium static and digital signage based on the place. We target and transform high end large format static properties and vacant storefronts into the best outdoor advertising opportunities in the market. For more information, please visit https://www.pearlmedia.com.
About Seaport Capital
Founded in 1997, Seaport Capital is a lower-middle-market buyout firm that invests in communications infrastructure and services, business and information services, and media companies (the “Focus Sectors”). Seaport typically invests between $10 million and $40 million in equity in companies generating EBITDA between $3 million and $15 million. Seaport is currently investing through Seaport Capital Partners VI, a 2020 vintage fund. Seaport’s considerable industry expertise and investment experience enables it to develop successful strategies in partnership with management teams; its relations and its professionals help to achieve them. Almost all investments in Seaport’s platform have been held by founders or entrepreneurs looking for a collaborative institutional partner to provide the financial and operational resources necessary to grow their businesses and execute a successful strategic plan. For more information, visit https://www.seaportcapital.com.