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Lamar Advertising Acquires Assets of AdSource Outdoor in UPREIT Transaction

  • Lamar Advertising Company acquired AdSource Outdoor Advertising assets in a UPREIT transaction closing on August 12, 2026.
  • The deal adds over 230 billboard faces, including 30 digital displays, to Lamar's Louisiana portfolio.
  • AdSource was founded in 2003 by Paul Bonin, Keith Duplechin, & Russell Tauzin & later expanded across Louisiana.
  • AdSource contributed its assets to Lamar Advertising Limited Partnership in exchange for common units tracking Lamar's Class A stock value.
  • The UPREIT structure enables tax-deferred issuance of partnership units to billboard owners during acquisitions.
  • Lamar CEO Sean Reilly stated the acquisition strengthens the southwest Louisiana portfolio & welcomes the founders as partners.
  • AdSource managing partner Paul Bonin cited Lamar's scale & resources as key factors in the decision to transition the business.
  • Johnsen, Fretty & Co., LLC served as financial advisor to AdSource, while McGrath North Mullin & Kratz acted as legal advisor.
  • Kean Miller LLP & Hogan Lovells US LLP served as legal advisors to Lamar.