Lamar Advertising is one of the largest outdoor advertising (OOH) companies in the U.S., owning and operating advertising displays that businesses rent to reach audiences. Lamar's core product is billboards (~61% of revenue), which it operates across 45 states and Canada. Billboard displays include large highway-facing bulletins, smaller street-level posters, and ~5,500 digital LED boards that rotate ads every 6–8 seconds, allowing multiple advertisers to share a single structure. Digital has grown to roughly 32% of billboard revenue and is the fastest-growing part of the business. Lamar also operates logo signs near highway exits (dominant U.S. provider, ~4% of revenue) and transit advertising on buses, shelters, and in airports (~7% of revenue). Lamar's business model is simple: rent space on displays under short-term contracts, with revenue driven by occupancy and rate. Because much of the cost structure — primarily land leases on ~71,500 sites — is fixed, revenue growth flows through to EBITDA at a high rate. Lamar sells primarily through ~1,000 local account executives, and about 79% of billboard revenue comes from local and regional advertisers. Lamar is structured as a REIT, distributing 100% of taxable income annually. Growth is pursued through digital conversions of static billboards, acquisitions of smaller operators, and rate increases on near-fully-occupied inventory. In 2025, Lamar pioneered the first UPREIT transaction in the OOH industry, a structure designed to attract family-owned billboard operators seeking to contribute assets on a tax-deferred basis.