NEW YORK, April 26, 2018 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that the Board of Directors of the San Francisco Bay Area Rapid Transit District ("BART") has awarded it the advertising franchise for BART's rapid transit system, subject to the execution of a definitive agreement, for a period of 10.75 years with two additional one-year options. This award compliments OUTFRONT Media's existing partnerships with other Bay Area transit agencies, presenting advertisers and municipalities with broad opportunities for real-time intelligent communications to customers.
"We are excited to partner with BART to make the commuting experience more inviting and informative for its diverse and tech-savvy riders," said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. "This completely reimagined digital media infrastructure, when combined with our new data-driven sales approach, will expand the pool of potential advertisers by including additional local businesses as well as national brands."
Working together with BART, we will deploy over 600 ON Smart Liveboard digital displays and four large format LED displays. San Francisco is the eighth largest U.S. DMA according to Nielsen Media Research, and BART's system totals more than 100 miles of track and 46 stations. The agreement encompasses BART's expansion, including 775 new train cars.
"This project will be the largest deployment of digital out-of-home media in the Bay Area. Combined with our other installations in top U.S. markets, these new locations add to the overall platform's network effect," said Andy Sriubas, Chief Commercial Officer of OUTFRONT Media. "We will leverage that network on behalf of our advertisers to dramatically increase non-fare revenue for BART and the system's utility for its customers."
About OUTFRONT Media Inc. OUTFRONT Media connects brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its ON Smart Media platform, OUTFRONT Media is implementing digital technology that will fundamentally change the ways advertisers engage people on-the-go.
Cautionary Statement Regarding Forward-Looking Statements We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "will" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to the BART franchise agreement and any potential benefits of the franchise agreement, our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: our ability to execute a definitive agreement with BART in a timely manner on favorable terms, or at all; our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners; and other factors described in our filings with the Securities and Exchange Commission ("SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 28, 2018. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes.