Outfront Media announces conversion of series A preferred stock held by Providence Equity
Mar. 01, 2022 4:32 PM ETOUTBy: Jessica Kuruthukulangara, SA News Editor1 Comment
- Outfront Media (NYSE:OUT) said Providence Equity Partners and its affiliates elected to convert all 275K shares of series A convertible perpetual preferred stock held by Providence into ~17.39M shares, effective Mar. 1.
- "We look forward to continuing our relationship with Providence as they remain a significant and valued shareholder in OUT, and we are delighted that Providence's Michael Dominguez will remain on our board," said Jeremy Male, CEO, Outfront Media.
- "Since investing in OUT nearly 2 years ago amid a challenging market environment, the company's performance has exceeded our expectations, reflecting the strength of its team, its assets and its strategy," said Michael Dominguez, chief investment officer, Providence.