Netflix could soon be the newest player in the billboard business. Reuters is reporting that the media streaming giant is one of the bidders for Los Angeles based Regency Billboard company.
Regency’s website says they have locations all over LA, including the Sunset Strip, UCLA campus, Orange County, and near Los Angeles International Airport (LAX).
The offer is said to be over $300 million, and would be the largest acquisition in Netflix history. Although there has been no comment from Netflix or Regency, Regency’s competitor, New Tradition Media says the deal would make sense. According to New Tradition Media’s CEO, Evan Richheimer, Netflix is already a heavy user of the space. Richheimer said if the deal were to go through, it would allow Netflix “to so called ‘block the box’ on premium sites in one of the most important and desirable media markets in the United States.”
Netflix has run several billboard campaigns in the area for various shows, including the hit “Stranger Things.” Arguably, their most famous billboard campaign featured a plain white background with black letters that read “Netflix is a Joke.” Many thought the campaign was paid for by a competitor, but it was actually Netflix advertising a comedy series that featured Jerry Seinfeld, Chris Rock and Dave Chappelle. Netflix has reportedly upped their marketing budget to nearly $2 billion to compete with Hulu, Amazon Prime and others.
Reuters reports that Netflix is not the only contender with an offer for Regency, so at this point, the deal is not a lock by any means. No word on when a decision is expected.