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Examples of the gross income multipliers of asset purchases
of companies engaged in the outdoor advertising business made on
the dates indicated were as follows:
Gross rental Gross rent
Date Seller Sale price income multiplier1
Dec. 1980 Piedmont 2 Unknown 3.00
July 1981 Atlanta Outdoor $5,100,000 $1,730,000 2.95
Jan. 22, 1982 Naegele Outdoor 31,972,544 10,174,393 3.14
Mar. 1, 1982 Creative Displays 3,614,673 1,204,891 3.00
Apr. 1982 Peck Sign 3,485,000 1,013,080 3.44
Apr. 15, 1983 Austin Displays 5,500,000 1,504,000 3.70
Aug. 19, 1983 Creative Displays 27,000,000 8,700,000 3.10
Jan. 1, 1984 Roberts Outdoor 4,000,000 984,000 4.10
May 24, 1985, Major Media 400,000,000 89,764,000 3.90
Jan. 1, 1987 Palmer Outdoor 3,050,000 902,776 3.38
1 Includes sign (plant) structures only.
2 Negotiated on the basis of "Three (3) times the aggregate
billings for outdoor advertising space for the twelve (12) months
ending November 30, 1980, plus one-half (1/2) of the book value as
of November 30, 1980, of Piedmonts Inventories--including autos,
trucks, personal property, etc."
During the 20-year period from 1974 to 1993, there were at
least 140 sales of assets of outdoor advertising companies.
During the 4 years 1980 through 1983, there were at least 43 such
sales: 6 in 1980, 8 in 1981, 10 in 1982, and 19 in 1983. One of
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