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Ares Management Makes Major Investment in OUTFRONT Media
- Client News
- April 20, 2020
Paul, Weiss is advising funds managed by Ares Management Corporation in their pending purchase, alongside Providence Equity Partners LLC, of $400 million in newly issued convertible preferred stock in OUTFRONT Media Inc. The preferred stock is convertible into shares of OUTFRONT Media common stock at a conversion price of $16.00 per share. On an as-converted basis, the $400 million offering, announced April 16, will represent approximately 14.8% of common shares outstanding. OUTFRONT Media is one of the largest outdoor media companies operating in the U.S. and Canada.
The Paul, Weiss team includes, among others, corporate partners Ellen Ching, Kenneth Schneider and Raphael Russo; tax partner David Sicular; and antitrust counsel Marta Kelly.