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  • Writer's pictureSeth Monroy

Navigating the Choppy Waters of the 2023 Deal Market: Insights and Predictions from Max Drachman


Summary: In a recent interview with Max Drachman, an industry expert, MH Outdoor Media gained valuable insights into the state of the deal market in 2023. Describing the market as "choppy," Drachman highlighted the slowdown in deal flow and a shift in multiples from the peak of 2021 and 2022. Economic factors such as higher interest rates and geopolitical issues have contributed to this turbulence. Despite the challenges, there is a universal bullishness on the long-term viability of Out-of-Home (OOH) advertising. Drachman also discusses notable deals, such as Lamar & Bill Salter, the largest acquisition in the U.S. in 2023, and international activities like CCO exiting Europe and Outfront's divestiture in Canada. Looking ahead to 2024, Drachman predicts increased activity in an election year and a significant leap in OOH's share of political revenue due to digital advancements.

Viewpoint: The 2023 deal market, characterized as "choppy" by Max Drachman, reflects a shift from the peak conditions of 2021 and 2022. The slowdown in deal flow and softened multiples can be attributed to economic factors such as higher interest rates and global geopolitical uncertainties. Despite these challenges, the industry remains optimistic about the long-term prospects of Out-of-Home advertising. Drachman's insights into the Lamar & Bill Salter deal showcase the significance of history and mutual respect in successful acquisitions. Internationally, the market mirrors the U.S., with notable activities in Europe and Canada. Looking ahead to 2024, the anticipation of political revenue growth in the OOH sector, driven by digital advancements, adds a positive outlook. Drachman's advice to operators to consider purchasing easements during uncertain times provides a strategic approach for growth.

Source: Max Drachman on the 2023 Deal Market and Looking Ahead to 2024 Author: Unknown Published: November 27, 2023 URL:


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