Cuts Q3 Rev to close to flat from low-single-digit gain prior, overall ad market is not as strong as expected - filing
CEO: As we previously indicated, national advertising has improved slightly from second quarter levels, but the the overall market is not as strong as expected. As a result, we are updating our view of third quarter revenues, which we now expect to be close to flat year-over-year, down from the low-single-digit range we provided on our August earnings call. This continues to include the comparison issues associated with a contract non-renewal in April 2014 and the sale of our street furniture business in Los Angeles in November 2013.
We are pleased to be able to accelerate the proposed closing of the acquisition of outdoor advertising assets from Van Wagner to the fourth quarter of this year, and are now working toward closing the acquisition as early as possible during the quarter. We are also pleased to inform you that this business is trending positively for the second half.Together with our previously announced acquisition of billboards in Chicago, we expect to close three additional tuck-in acquisitions by the end of this year. Together, these four acquisitions amount to a total purchase price of approximately $20 million and they will complement our existing top-market U.S. portfolio.
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