Blackstone Secures Major Stake in Out-of-Home Media Leader New Tradition

Blackstone’s Tactical Opportunities fund has moved to become the majority investor in New Tradition Media, one of America’s premier out-of-home advertising platforms managing premium digital and static signage across the nation’s top metropolitan markets. The strategic investment marks a significant expansion of Blackstone’s footprint in the commercial real estate and advertising sectors.

Since its founding in 2010, New Tradition has built an impressive portfolio of advertising assets, including the iconic One Times Square in Manhattan and The Reef in Los Angeles. The company delivers large-format, high-impact advertising solutions to major national brands and agencies through a network spanning New York, Los Angeles, Chicago, Atlanta, Washington DC, Boston, San Francisco, Seattle, Orlando, Miami, Portland, Nashville, San Antonio and Las Vegas.

Leadership Team Remains at the Helm

The existing management structure stays intact following the transaction. Co-founders Evan Richheimer and Bret Richheimer, alongside executives Vince Mastria and Lu Cerda, will maintain operational control and continue holding substantial equity positions in the company. Evan Richheimer noted that Blackstone’s proven expertise in scaling founder-driven enterprises and its unmatched real estate capabilities position New Tradition to accelerate market expansion while delivering next-generation out-of-home advertising solutions.

Digital Transformation Driving Growth

Technological evolution in digital signage is reshaping how consumers interact with physical advertising environments. Kern Vohra, Senior Associate at Blackstone, and Managing Director John Watson emphasized that the firm recognizes the market leadership demonstrated by the New Tradition team. The investment reflects Blackstone’s commitment to supporting innovation in this rapidly evolving space while leveraging the firm’s global scale and extensive relationship network to fuel New Tradition’s geographic and service expansion.

Strategic Benefits of the Partnership

As the world’s largest alternative asset manager, Blackstone brings $991 billion in assets under management across private equity, real estate, credit, infrastructure, and other investment categories. This collaboration enables New Tradition to strengthen its competitive position by accessing Blackstone’s expansive real estate network and operational resources, creating meaningful synergies across both organizations.

Transaction Details

Moelis & Company LLC provided financial advisory services to Blackstone, while Weil, Gotshal & Manges LLP served as legal counsel. Solomon Partners advised New Tradition on the financial aspects, with Lowenstein Sandler LLP handling legal matters. The specific valuation and deal terms remain undisclosed.