Blackstone announced that it has acquired a majority stake in New Tradition Media, the out-of-home media operator with assets across the nation’s largest markets.

Founded in 2010, New Tradition develops, owns and operates digital and static signage for brands and advertising agencies. It manages some of the most “iconic, large-format, spectacular out-of-home advertising assets nationwide,” including One Times Square in New York City and The Reef in Los Angeles.

This partnership with Blackstone, “the largest owner of commercial real estate globally,” could help fuel New Tradition’s growth of advertising relationships. The company’s management team, Evan Richheimer, Bret Richheimer, Vince Mastria and Lu Cerda, will continue to run day-to-day operations of the business and remain significant equity holders after closing.

Evan Richheimer, co-founder and CEO of New Tradition said: “We’re thrilled to partner with Blackstone, whose track record of scaling founder-led businesses and significant real estate expertise, will enable New Tradition to accelerate the expansion of our footprint and continue to provide cutting edge out-of-home advertising solutions to new and existing clients.”

John Watson, managing director, and Kern Vohra, senior associate, at Blackstone, said: “Technological advancements in digital signage are transforming the way consumers engage with the physical advertising industry. Evan, Bret, Vince and Lu are respected leaders in this evolving market and have created iconic advertising activations across the country on behalf of their customers. We’re excited to leverage Blackstone’s scale, resources and relationships to support New Tradition’s continued expansion and innovation.”

Terms of the transaction were not disclosed. Moelis & Company LLC served as a financial advisor to Blackstone, and Weil, Gotshal & Manges LLP served as a legal advisor to Blackstone. Solomon Partners served as a financial advisor to New Tradition, and Lowenstein Sandler LLP served as a legal advisor to New Tradition.