BNET bashed Lamar Advertising recently for turning away clients whose opinions it doesn't like even while its revenues fall. But a comparison of Lamar and its competitors, CBS Outdoor* and Clear Channel Outdoor, shows that Lamar may be weathering the recessionary storm better than its larger foes. Check the numbers:
- Name, Q2 2009 Revenues, % Change
- Clear Channel, $692 million, -24 percent
- CBS Outdoor, $434 million, -27 percent
- Lamar Advertising, $275 million, -15 percent
Antonio Alonso, chief development officer for CBS Outdoor International, replaced Clive Punter as chief executive of the division, reporting directly to CBS Chief Executive Les Moonves.
... Jean-Francois Decaux, co-chief executive of the world's largest outdoor advertising company, JCDecaux SA (DEC.FR), recently told Dow Jones Newswires that he would be interested in assets in the U.S., particularly Clear Channel Outdoor or CBS Outdoor, if they were for sale.CCO also suffered a big writedown of various assets (something Lamar warned about but has yet to do):
The latest results included a $419.5 million write-down of goodwill, a $345.4 million write-down of its permits and a $38.8 million write-down of contracts in its Americas and international outdoor segements.The biggest recent negative for Lamar was a Goldman Sachs downgrade:
"Owing to the longer average duration of business contracts, outdoor advertising has a much longer cycle time than other media," [Analyst Mark Wienkes] said in a note to investors. "As a result, the industry is typically late in entering and exiting cycles, both on the upside and the downside."* CBS Outdoor is owned by the same parent company of BNET.com.
- Lamar Q2: Revenues Still Falling Faster Than Costs
- Lamar Sells Billboards to Hookers But Not to Atheists
- Lamar Advertising Joins in N.C. Ruckus Over Digital Billboards
- Lamar Demands $1M Taxpayer Bailout for a Single Billboard
- Lamar, Canadian Supreme Court in Head-On Collision Over Atheist Billboards
- Lamar's Religious Management Would Rather Lose Money Than Sell Billboards to Atheists
- Lamar Refuses to Lower Billboard Prices, Making It Ever More Dependent on Legal Strategy
- Sotomayor Once Ruled in Lamar's Favor in Billboard Case
- Lamar Lobbies to Keep Taxpayer Subsidies for Billboards in S. Dakota
- Lamar Sues Detroit Over "Unconstitutional" Billboard Fees
- Lamar, CBS, Clear Channel Ban Obama Birth Certificate Billboards
- Lamar Takes Down Billboards That Criticized Israel
- Lamar Q1: 400 Laid Off; "We're Going to Bump Along the Bottom for a While"