Providence Equity Partners, a private equity firm specializing in growth-oriented investments in media, communications, education and technology, announced it has acquired a multi-decade lease for nine marquee billboards at Two Times Square, 2TS, and 1600 Broadway from Universal Branding Group. Providence has simultaneously entered into a long-term operating agreement with OUTFRONT Media an existing Providence portfolio company and one of the largest out-of-home media companies in the U.S., under which OUTFRONT will operate the billboards on Providence’s behalf. Financial terms of the transaction were not disclosed.
Published first on TheFly
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