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2 outdoor advertising companies weigh REIT conversion, merger

Adams Outdoor Advertising Inc. and Fairway Outdoor Advertising, which is majority-owned by private equity firm GTCR LLC, are considering converting to real estate investment trusts, Bloomberg Markets reported.

In an interview with Bloomberg, the CEO of both companies, Kevin Gleason, said the option is being discussed for "both tax and valuation purposes." Gleason added that a possible merger of the two companies, followed by an IPO, is also under consideration.

A combination of the two closely held companies would form the fourth-largest U.S. billboard company and a larger rival for Lamar Advertising Co. and Outfront Media Inc., according to the news outlet.