NEW YORK, March 8, 2016 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT), one of the largest out-of-home media companies in the U.S., today announced that the board of directors of the Los Angeles County Metropolitan Transportation Authority ("LACMTA") unanimously agreed to authorize the final remaining option period on OUTFRONT Media's licenses to sell and display advertising on LACMTA Metro buses and Metro rail stations and cars. This action has extended the long-term relationship between OUTFRONT and the LACMTA Metro through December 31, 2017.
The LACMTA's board of directors also authorized OUTFRONT to expand its existing Metro Rail 2-sheet ad panel business, currently only on Metro's Red/Purple lines, to include the Expo, Gold, Blue and Green Lines. This action is the second step in an effort to enhance the revenues generated by Metro advertising that was first presented in January 2015. The first step called for the installation of advertising panels on Metro Bus bike racks in May 2015, and resulted in increased revenues to the LACMTA of $56,000 by the end of 2015. It is anticipated that by May 2016 all Metro buses will have bike racks with advertising panels installed. This recently approved expansion of the 2-sheet ad panel program is expected to increase rail system revenues from advertising by as much as $150,000 per year.
"We are thrilled to continue our partnership with the Los Angeles County Metropolitan Transportation Authority," said Andy Sriubas, OUTFRONT's Executive Vice President, Strategic Planning & Development. "Together we will continue to develop new ideas and opportunities that will benefit our partners, local businesses, and the riding public."
OUTFRONT, the largest provider of transit advertising, currently sells advertising for transit authorities in Los Angeles, Orange County, New York, Washington, D.C., Atlanta, Detroit, and Miami.
About OUTFRONT Media Inc. OUTFRONT Media (NYSE: OUT) is one of the largest out-of-home media companies in the Americas and has a major presence in top markets throughout the United States, Canada, Mexico and South America. With billboard and transit properties, a prime asset focus, and a growing network of digital displays, OUTFRONT Media gives advertisers both breadth and depth of audience across key geographies, as well as engaging ways to connect with increasingly mobile consumers.
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SOURCE OUTFRONT Media Inc.