Iconic Times Square Billboards Get New Owner: Here's Who Controls the Ad Space Now

A major shift is happening at one of the world’s most coveted advertising locations. Providence Equity Partners, a Boston-based investment firm, has secured a multi-decade lease for nine premium billboards at Two Times Square (2TS) and 1600 Broadway—cementing its control over some of the most sought-after digital signage real estate on the planet.

The billboards at these two Manhattan addresses have long been among the most visible advertising assets globally, drawing over 100 million annual visitors and generating more than one million daily ad impressions. Now, the question of who owns Times Square billboards gets a clear answer: Providence Equity Partners holds the lease, with OUTFRONT Media Inc. (a publicly traded company on NYSE) operating them on Providence’s behalf under a long-term management agreement.

The Deal and Its Scale

Providence acquired the leases directly from Universal Branding Group and simultaneously partnered with OUTFRONT Media, a major out-of-home advertising operator in North America. This arrangement ensures that the billboards continue serving blue-chip advertisers with existing long-term contracts while positioning the assets for enhanced monetization going forward.

The locations themselves are legendary in advertising circles. Two Times Square, in particular, has maintained its status as one of the longest-standing signage locations in Times Square. The digital billboards are highly visible to foot traffic and frequently shared across social media platforms, amplifying their value beyond traditional impressions.

Why This Matters

Lucy Dobrin, Managing Director at Providence, emphasized the significance of the acquisition: “These are among the most premium digital billboard signs in one of the most highly trafficked locations on the planet.” The firm plans to expand its relationship with OUTFRONT, which has been a portfolio company of Providence for nearly three years.

Michael Dominguez, Senior Managing Director and Chief Investment Officer at Providence, added that the firm is “honored to steward these iconic assets” and views the investment as a natural expansion of its existing partnership with OUTFRONT. For OUTFRONT’s part, Chief Commercial Officer Andy Sriubas noted that managing these marquee locations allows advertisers to “showcase their brands like never before,” leveraging both physical visibility and digital reach.

Background: Who’s Behind the Deal

Providence Equity Partners has been in the investment game since 1989, deploying over $32 billion across more than 170 private equity portfolio companies. The firm specializes in media, communications, education, and technology across North America and Europe. OUTFRONT Media operates one of North America’s largest and most diverse collections of billboard, transit, and mobile advertising assets.

Multiple legal advisors handled the transaction, ensuring all parties were properly represented in this high-profile acquisition.