Providence Equity Partners, a private equity firm, has acquired a multi-decade lease for nine marquee billboards at Two Times Square (2TS) and 1600 Broadway from Universal Branding Group (UBG).

Providence has simultaneously entered into a long-term operating agreement with OUTFRONT Media, an existing Providence portfolio company, under which OUTFRONT will operate the billboards on Providence’s behalf. Financial terms of the transaction were not disclosed.

The billboards represent some of the most valuable and iconic out-of-home ad space in the world at the heart of New York City, with over 100 million annual visitors and over one million daily ad impressions, amplified via social media posts. In addition to the lease, Providence has acquired the existing digital billboard signage and will continue to work with several blue-chip advertisers who currently have long-term agreements in place at these locations.

“We are thrilled to acquire these assets, which are among the most premium digital billboard signs in one of the most highly trafficked locations on the planet—Times Square,” said Lucy Dobrin, managing director at Providence. “2TS is one of the longest-standing locations for signage in Times Square and there are many opportunities to amplify the advertising impact of these digital billboards going forward.”

“We’re delighted that UBG chose to enter into this long-term agreement with us and we’re honored to have the opportunity to help steward these iconic assets,” added Michael Dominguez, senior managing director and chief investment officer at Providence. “This transaction is a wonderful opportunity to expand our nearly three-year partnership with OUTFRONT through this new investment in Times Square. As one of the premier out-of-home media operators in the United States, OUTFRONT brings tremendous expertise to managing marquee signage such as this.”

“The billboards at 2TS and 1600 Broadway are some of the most attractive advertising assets in the world. We are excited about the opportunity to operate them in partnership with Providence for many years to come,” concluded Andy Sriubas, chief commercial officer at OUTFRONT. “Visible to incredible foot traffic and shared frequently on social media, the billboards allow advertisers to showcase their brands here like never before.”

Solomon Partners served as UBG’s financial adviser and Gibson, Dunn & Crutcher served as legal advisor to UBG. Debevoise & Plimpton and Davis+Gilbert served as legal advisors to Providence. Duane Morris served as legal advisor to OUTFRONT.