Blackstone Is Said to Near Deal for Billboard Firm New Tradition

A fund managed by Blackstone Inc. is nearing an agreement to buy a majority stake in private billboard operator and owner New Tradition Media, according to people familiar with knowledge of the matter.

A transaction would value the out-of-home advertising firm at $500 million to $750 million, said the people, who asked not to be identified because the discussions are private.

An announcement could come as soon as this month, the people said. Management including Chief Executive Officer Evan Richheimer and Chief Operating Officer Bret Richheimer will continue to run the company. The Richheimers are brothers.

A spokesperson for ...