ATLANTA Fairway Outdoor Advertising completed the purchase of 1,580 billboards in the Chattanooga, Tenn., area this week, boosting its total number of signs to 8,600, the company said.
Terms of the transaction were not disclosed, but a company representative described it as an "exchange of assets" with Clear Channel in which Fairway traded billboards it owned in the Minneapolis area for the outdoor displays in Chattanooga.
The Augusta, Ga.-based Fairway opened a regional office in Chattanooga to manage the billboards and closed a regional location in Minneapolis following the transaction.
Fairway has made similar acquisitions in each of the past two years. In 2003, the company bought the assets of Williamson Outdoor Advertising of Athens, Ga. The following year the company acquired the assets of Eagle Outdoor Advertising of Carrollton, Ga.
Fairway operates regional outposts in Georgia, the Carolinas and Tennessee. The company is a division of Morris Communications of Athens. Morris also owns and operates 27 daily and 12 weekly newspapers, 22 magazines, 33 radio stations and a book-publishing house.