Due diligence for media acquisition, the Metromedia (Metropolitan Broadcasting) acquisition of Foster & Kleiser Outdoor Advertising. Our work included the preparation of Foster & Kleiser consolidated corporate financial projections to support a prospective acquisition by third-party. Work included select due diligence review of information and assumptions suggested by the company’s management, as well as the company’s overall strategic marketing plan for its 3rd-party clients.
Founded in 1901, Foster & Kleiser Outdoor Advertising was outdoor advertising’s original pioneers and have been credited with propelling the industry from simple posters pasted onto any available surface to standardized structures that are uniform, attractive and often feature landscaping enhancements. Our due diligence for this media acquisition documented much of this company innovation as would benefit prospective acquirers. Outdoor advertising includes such media such as billboards, transit vehicles and other types of outdoor signs, including the signs on the outside of businesses. It also includes efforts to promote the company’s products on its own vehicle fleet, even if the effort is limited to brand displays.
As a result of our business planning and transactions advisory support, the company was eventually acquired by a division of Metropolitan Broadcasting called Metromedia, and was ultimately sold to Patrick Media Company. After 85 years of operation under the Foster & Kleiser name, the company was re-named as Patrick Media Group in September 1986. In 1995, Karl Eller and Partners acquired all assets of the company and renamed the business unit as Eller Media Co. In 1997, Eller Media Company became a wholly owned subsidiary of Clear Channel Communications, Inc., now known as iHeartCommunications, Inc. (as of 2014).