OUT OUTFRONT Media Inc

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Description of Business

OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”). Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 120 markets across the U.S. We currently manage our operations through one operating segment, U.S. Billboard and Transit, which is included in our U.S. Media reportable segment. Prior to its sale, our Canadian operations comprised our International operating segment, which did not meet the criteria to be a reportable segment and accordingly, was included in Other. Historical operating results of our Canadian operations are included in Other through the date of sale.

On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of the Company’s outdoor advertising business in Canada (the “Canadian Business”). (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)

Basis of Presentation and Use of Estimates

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024.

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

Out-of-Period Adjustment

Recent Pronouncements

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

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The table below presents the balances of major classes of assets and accumulated depreciation.

												As of
(in millions)						Estimated Useful Lives						June 30, 2024						December 31, 2023
Land												$	110.2					$	110.1
Buildings						15 to 35 years						46.7						42.7
Advertising structures						3 to 20 years						1,738.1						1,716.2
Furniture, equipment and other						3 to 10 years						181.1						173.9
Construction in progress												36.1						39.5
												2,112.2						2,082.4
Less: Accumulated depreciation												1,455.6						1,424.6
Property and equipment, net												$	656.6					$	657.8

Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, and franchise agreements, which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals.

Our identifiable intangible assets consist of the following:

(in millions)						Gross						Accumulated Amortization						Impairment						Net
As of June 30, 2024:
Permits and leasehold agreements						$	1,540.3					$	(921.2)					$	—					$	619.1
Franchise agreements(a)						953.7						(432.1)						(485.8)						35.8
Other intangible assets						19.4						(8.1)						—						11.3
Total intangible assets						$	2,513.4					$	(1,361.4)					$	(485.8)					$	666.2
As of December 31, 2023:
Permits and leasehold agreements						$	1,535.5					$	(893.8)					$	—					$	641.7
Franchise agreements(a)						934.8						(426.4)						(467.9)						40.5
Other intangible assets						19.5						(6.3)						—						13.2
Total intangible assets						$	2,489.8					$	(1,326.5)					$	(467.9)					$	695.4

(a)We reclassified all Prepaid MTA equipment deployment costs (see Note 16. Commitments and Contingencies) and recorded impairments in the second, third and fourth quarters of 2023, as well as the first and second quarters of 2024, due to the long-term outlook of our U.S. Transit and Other reporting unit.

In the six months ended June 30, 2024, we acquired 4 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $5.2 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 14.6 years.

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All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $17.3 million in the three months ended June 30, 2024, $21.5 million in the three months ended June 30, 2023, $34.9 million in the six months ended June 30, 2024, and $43.3 million in the six months ended June 30, 2023.

As a result of negative aggregate cash flows related to our New York Metropolitan Transportation Authority (the “MTA”) asset group, we performed quarterly impairment analyses on the MTA asset group and recorded impairment charges of $8.8 million in the three months ended June 30, 2024, and $17.9 million in the six months ended June 30, 2024, representing additional MTA equipment deployment cost spending during the periods. In the three and six months ended June 30, 2023, we recorded impairment charges of $511.4 million, primarily representing a $443.1 million impairment charge related to our MTA asset group.

Lessee

The following table presents our operating lease assets and liabilities:

						As of
(in millions, except years and percentages)						June 30, 2024						December 31, 2023
Operating lease assets						$	1,550.9					$	1,591.9
Short-term operating lease liabilities						181.7						180.9
Non-current operating lease liabilities						1,382.9						1,417.4
Weighted-average remaining lease term						10.8 years						10.9 years
Weighted-average discount rate						6.3		%				6.2		%

The components of our lease expenses were as follows:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Operating expenses(a)						$	121.8					$	128.1					$	243.0					$	249.0
Selling, general and administrative expenses						4.0						3.2						7.9						6.3
Variable costs(a)						30.3						38.1						58.9						70.6
Cash paid for operating leases(b)						113.5						113.2						256.0						250.9
Leased assets obtained in exchange for new operating lease liabilities						45.1						83.9						105.6						256.0

(a)Includes an out-of-period adjustment of $5.2 million recorded in the first quarter of 2023 related to variable billboard property lease costs (see Note 1. Description of Business and Basis of Presentation).

(b)Includes amounts related to Canada. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)

For each of the three and six months ended June 30, 2024 and 2023, sublease income related to office properties was immaterial.

Lessor

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The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.

(in millions)
As of December 31, 2023						$	33.0
Accretion expense						1.5
Additions						0.2
Liabilities settled						(1.1)
Foreign currency translation adjustments						(0.2)
As of June 30, 2024						$	33.4

On January 18, 2023, we entered into a transaction with an affiliate of Providence Equity Partners L.L.C. (the “Providence Affiliate”) in connection with the Providence Affiliate’s purchase of a lease for certain outdoor advertising assets (the “Assets”) from a third-party seller. Pursuant to an agreement between us and the Providence Affiliate (the “Billboard Agreement”), we agreed to exclusively market, license and make advertising space available on the Assets to third-party advertisers for a term of up to ten years (the “Billboard Transaction”). In return, we will retain all revenues from the sale of advertising with respect to the Assets less the following payments to the Providence Affiliate or its payment designee, as applicable: (i) a minimum annual guarantee payment paid to the Providence Affiliate’s payment designee that increases from approximately $1.8 million to $3.5 million during the term of the Billboard Agreement; (ii) a minimum annual guarantee payment paid to the Providence Affiliate that increases from $8.5 million to $12.0 million by year six and adjusted for inflation thereafter through year ten; (iii) a percentage revenue share payment on gross revenues generated above $22.0 million paid to the Providence Affiliate during the term of the Billboard Agreement; (iv) a percentage revenue share payment on net revenues until $100.0 million is paid to the Providence Affiliate or its payment designee, as applicable; and (v) a one-time payment of $10.0 million paid to the Providence Affiliate on the fifth anniversary of the closing of the Billboard Transaction (the “Billboard Transaction Closing”) if we have not yet acquired the Assets as described below. The Billboard Agreement also provides that (i) we have the option to acquire the Assets from the Providence Affiliate between the third and seventh anniversaries of the Billboard Transaction Closing at pre-agreed prices depending on the time at which we exercise the option; (ii) prior to the seventh anniversary of the Billboard Transaction Closing, we have a right of first offer prior to any sale of the Assets by the Providence Affiliate to a third-party; and (iii) in the event of a termination of the Billboard Agreement by the Providence Affiliate after a sale to a third-party, we may in certain circumstances be entitled to receive a termination payment. As of June 30, 2024, operating lease assets related to the Billboard Agreement were $89.0 million, current operating lease liabilities related to the Billboard Agreement were $4.0 million and non-current operating lease liabilities related to the Billboard Agreement were $91.1 million, and are included in Operating lease assets, current Operating lease liabilities and non-current Operating lease liabilities, respectively, on the Consolidated Statements of Financial Position. Billboard revenues related to the Billboard Agreement were $2.4 million in the three months ended June 30, 2024, $1.9 million in the three months ended June 30, 2023, $5.2 million in the six months ended June 30, 2024 and $3.8 million in the six months ended June 30, 2023, and recorded in Revenues on the Consolidated Statement of Operations. Operating lease expenses related to the Billboard Agreement were $2.8 million in the three months ended June 30, 2024, $2.6 million in the three months ended June 30, 2023, $6.3 million in the six months ended June 30, 2024, and $4.9 million in the six months ended June 30, 2023, and recorded in Operating expenses on the Consolidated Statement of Operations.

Additionally, we have a 50% ownership interest in one active joint venture that operates transit shelters in the greater Los Angeles area and two active joint ventures which operate a total of seven billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $7.8 million as of June 30, 2024, and $8.2 million as of December 31, 2023, and are included in Other assets on the Consolidated Statements of Financial Position. In 2023, in connection with the Transaction, an equity investment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.) We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated

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Statement of Operations of $1.2 million in the three months ended June 30, 2024, $1.4 million in the three months ended June 30, 2023, $2.2 million in the six months ended June 30, 2024 and $2.4 million in the six months ended June 30, 2023.

Debt, net, consists of the following:

						As of
(in millions, except percentages)						June 30, 2024						December 31, 2023
Short-term debt:
AR Facility						$	30.0					$	65.0
Total short-term debt						30.0						65.0
Long-term debt:
Term loan, due 2026						399.4						598.9
Senior secured notes:
7.375% senior secured notes, due 2031						450.0						450.0
Senior unsecured notes:
5.000% senior unsecured notes, due 2027						650.0						650.0
4.250% senior unsecured notes, due 2029						500.0						500.0
4.625% senior unsecured notes, due 2030						500.0						500.0
Total senior unsecured notes						1,650.0						1,650.0
Debt issuance costs						(19.2)						(22.4)
Total long-term debt, net						2,480.2						2,676.5
Total debt, net						$	2,510.2					$	2,741.5
Weighted average cost of debt						5.6		%				5.7		%

Term Loan

The interest rate on the term loan due in 2026 (the “Term Loan”) was 7.1% per annum as of June 30, 2024. As of June 30, 2024, a discount of $0.6 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. In June 2024, we prepaid $200.0 million of the outstanding principal balance on the Term Loan. In the three and six months ended June 30, 2024, we recorded a Loss on extinguishment of debt of $1.2 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on the Term Loan.

Revolving Credit Facility

We also have a $500.0 million revolving credit facility, which matures in 2028 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”).

As of June 30, 2024, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.5 million in the three months ended June 30, 2024, $0.4 million in the three months ended June 30, 2023, $1.0 million in the six months ended June 30, 2024, and $0.8 million in the six months ended June 30, 2023. As of June 30, 2024, we had issued letters of credit totaling approximately $6.3 million against the letter of credit facility sublimit under the Revolving Credit Facility.

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Standalone Letter of Credit Facilities

As of June 30, 2024, we had issued letters of credit totaling approximately $67.3 million under our aggregate $81.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2024 and 2023.

Accounts Receivable Securitization Facility

As of June 30, 2024, we have a $150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2027, unless further extended.

On June 14, 2024, we entered into an amendment to the agreements governing the AR Facility, pursuant to which we (i) extended the term of the AR Facility so that it now terminates on June 14, 2027, unless further extended; and (ii) modified the upfront fee and modified the program fee so that the program fee may increase or decrease based on the Company’s Consolidated Net Secured Leverage Ratio (as defined and described below). The amendment to the agreements governing the AR Facility do not change how we account for the AR Facility as a collateralized financing activity.

In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs may transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

As of June 30, 2024, there were $30.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 6.6%. As of June 30, 2024, borrowing capacity remaining under the AR Facility was $120.0 million based on approximately $314.6 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was $0.1 million for each of the six months ended June 30, 2024 and 2023, and was immaterial for each of the three months ended June 30, 2024 and 2023. In July and August 2024, we made repayments totaling $30.0 million under the AR Facility.

Debt Covenants

Our credit agreement, dated as of January 31, 2014 (as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”), governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions and exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of June 30, 2024, our Consolidated Total Leverage Ratio was 5.0 to 1.0, as adjusted to give pro forma effect to the Transaction, in accordance with the Credit Agreement.

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The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. As of June 30, 2024, our Consolidated Net Secured Leverage Ratio was 1.6 to 1.0, as adjusted to give pro forma effect to the Transaction,- in accordance with the Credit Agreement. As of June 30, 2024, we are in compliance with our debt covenants.

Deferred Financing Costs

As of June 30, 2024, we had deferred $23.8 million in fees and expenses associated with the Term Loan, the Revolving Credit Facility, the AR Facility and our senior notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior notes.

Fair Value

As of June 30, 2024, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 165,979,058 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized, with 125,000 shares of our Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”), par value $0.01 per share, issued and outstanding.

The Series A Preferred Stock ranks senior to the shares of the Company’s common stock with respect to dividend and distribution rights. Holders of the Series A Preferred Stock are entitled to a cumulative dividend accruing at the initial rate of 7.0% per year, payable quarterly in arrears, subject to increases as set forth in the Articles Supplementary, effective as of April 20, 2020 (the “Articles”). Dividends may, at the option of the Company, be paid in cash, in-kind, through the issuance of additional shares of Series A Preferred Stock or a combination of cash and in-kind, until April 20, 2028, after which time dividends will be payable solely in cash. So long as any shares of Series A Preferred Stock remain outstanding, the Company may not, without the consent of a specified percentage of holders of shares of Series A Preferred Stock, declare a dividend on, or make any distributions relating to, capital stock that ranks junior to, or on a parity basis with, the Series A Preferred Stock, subject to certain exceptions, including but not limited to (i) any dividend or distribution in cash or capital stock of the Company on or in respect of the capital stock of the Company to the extent that such dividend or distribution is necessary to maintain the Company’s status as a REIT; and (ii) any dividend or distribution in cash in respect of our common stock that, together with the dividends or distributions during the 12-month period immediately preceding such dividend or distribution, is not in excess of 5% of the aggregate dividends or distributions paid by the Company necessary to maintain its REIT status during such 12-month period. If any dividends or distributions in respect of the shares of our common stock are paid in cash, the shares of Series A Preferred Stock will participate in the dividends or distributions on an as-converted basis up to the amount of their accrued dividend for such quarter, which amounts will reduce the dividends payable on the shares of Series A Preferred Stock dollar-for-dollar for such quarter. The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends.

During the three months ended June 30, 2024, we paid cash dividends of $2.2 million on the Series A Preferred Stock and during the six months ended June 30, 2024, we paid cash dividends of $4.4 million on the Series A Preferred Stock. As of June 30, 2024, the maximum number of shares of common stock that could be required to be issued on conversion of the outstanding shares of Series A Preferred Stock was approximately 7.8 million shares.

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We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. No shares were sold under the ATM Program during the six months ended June 30, 2024. As of June 30, 2024, we had approximately $232.5 million of capacity remaining under the ATM Program.

On August 6, 2024, we announced that our board of directors approved a quarterly cash dividend of $0.30 per share on our common stock, payable on September 27, 2024, to stockholders of record at the close of business on September 6, 2024.

The following table summarizes revenues by source:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Billboard:
Static displays						$	243.5					$	244.5					$	466.3					$	459.6
Digital displays						117.4						113.9						211.3						202.8
Other						12.5						13.2						24.6						29.8
Billboard revenues						373.4						371.6						702.2						692.2
Transit:
Static displays						51.8						52.1						90.5						90.9
Digital displays						43.0						35.1						75.8						63.2
Other						9.0						8.1						16.9						14.6
Total transit revenues						103.8						95.3						183.2						168.7
Other						0.1						1.9						0.4						3.7
Transit and other revenues						103.9						97.2						183.6						172.4
Total revenues						$	477.3					$	468.8					$	885.8					$	864.6

Rental income was $345.8 million in the three months ended June 30, 2024, $349.3 million in the three months ended June 30, 2023, $649.9 million in the six months ended June 30, 2024, and $647.7 million in the six months ended June 30, 2023, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
United States:
Billboard						$	360.2					$	352.2					$	674.1					$	658.3
Transit and other						100.7						90.8						176.4						161.1
Other						0.1						1.9						0.4						3.7
Total United States revenues						461.0						444.9						850.9						823.1
Canada						16.3						23.9						34.9						41.5
Total revenues						$	477.3					$	468.8					$	885.8					$	864.6

We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2023, during the three months ended March 31, 2024.

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Acquisitions

We completed several asset acquisitions for a total purchase price of approximately $7.6 million in the six months ended June 30, 2024, and $27.4 million in the six months ended June 30, 2023. The value of the assets acquired during 2024 and 2023 has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4. Intangible Assets).

Dispositions

Canadian Business

On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction. In connection with the Transaction, the Company received C$410.0 million in cash, which is subject to certain purchase price adjustments.

In connection with the Transaction, the assets of our outdoor advertising business in Canada had been classified as Assets held for sale on the Consolidated Statement of Financial Position as of December 31, 2023. It is required that we measure assets held for sale at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. The components of Assets held for sale and Liabilities held for sale, which were written off upon completion of the Transaction, were as follows:

(in millions)						As of June 7, 2024						As of December 31, 2023
Current assets:
Receivables, less allowances						$	22.9					$	26.7
Other current assets						9.3						7.9
Current assets held for sale						32.2						34.6
Property and equipment, net						44.7						39.9
Goodwill						22.2						22.9
Intangible assets						51.3						53.0
Operating lease assets						84.7						85.9
Other assets						11.9						12.6
Total assets held for sale						$	247.0					$	248.9
Current liabilities held for sale						$	24.7					$	24.1
Deferred income tax liabilities, net						13.7						15.5
Asset retirement obligation						4.9						5.0
Operating lease liabilities						69.4						70.4
Total liabilities held for sale						$	112.7					$	115.0

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The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2024 and 2023.

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes						$	7.6					$	7.9					$	14.8					$	15.7
Tax benefit						(0.4)						(0.1)						(0.6)						(0.5)
Stock-based compensation expense, net of tax						$	7.2					$	7.8					$	14.2					$	15.2

As of June 30, 2024, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $41.0 million, which is expected to be recognized over a weighted average period of 1.9 years.

RSUs and PRSUs

The following table summarizes activity for the six months ended June 30, 2024, of RSUs and PRSUs issued to our employees.

						Activity						Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2023						2,781,836						$	21.10
Granted:
RSUs						1,649,172						12.52
PRSUs						796,689						12.43
Vested:
RSUs						(965,084)						21.04
PRSUs						(417,637)						22.06
Forfeitures:
RSUs						(77,316)						14.91
PRSUs						(196,486)						18.66
Non-vested as of June 30, 2024						3,571,174						15.37

The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Components of net periodic pension cost:
Interest cost						$	0.2					$	0.5					$	0.5					$	1.1
Expected return on plan assets						(0.2)						(0.7)						(0.6)						(1.4)
Net periodic pension cost						$	—					$	(0.2)					$	(0.1)					$	(0.3)

In the six months ended June 30, 2024, we contributed $0.2 million to our defined benefit pension plans. In connection with the Transaction, we sold the Outfront Media Canada LP pension plan. We do not expect to make any additional contributions to our remaining defined benefit pension plan in the U.S. during the remainder of 2024.

---

We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities as TRSs. As such, we have provided for their federal, state and foreign income taxes.

Tax years 2020 to present are open for examination by the tax authorities.

Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results.

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Net income (loss) available for common stockholders(a)						$	176.8					$	(478.9)					$	149.6					$	(507.8)
Less: Distributions to holders of Series A Preferred Stock						2.2						2.2						4.4						4.4
Net income (loss) available for common stockholders, basic(b)						$	174.6					$	(481.1)					$	145.2					$	(512.2)
Weighted average shares for basic EPS						165.9						165.0						165.7						164.8
Dilutive potential shares from grants of RSUs and PRSUs(c)						0.8						—						0.7						—
Dilutive potential shares issuable upon conversion of Series A Preferred Stock(d)						7.8						—						7.8						—
Weighted average shares for diluted EPS(c)(d)						174.5						165.0						174.2						164.8

(a)In 2024, Net income available for common stockholders for the calculation of diluted EPS.

(b)In 2023, Net loss available for common stockholders for the calculation of both basic and diluted EPS.

(c)The potential impact of 0.9 million granted RSUs and PRSUs in the three months ended June 30, 2024, 2.5 million granted RSUs and PRSUs in the three months ended June 30, 2023, 1.0 million granted RSUs and PRSUs in the six months ended June 30, 2024, and 2.1 million granted RSUs and PRSUs in the six months ended June 30, 2023, were antidilutive.

(d)The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three and six months ended June 30, 2023, were antidilutive.

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years.

Contractual Obligations

We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment.

---

Under the current MTA agreement, which was amended in June 2020 and July 2021 and is subject to modification as agreed-upon by us and the MTA (as amended, the “MTA Agreement”):

•Deployments. We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”).

•Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operations, including impairment charges (see Note 4. Intangible Assets). If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA. For any deployment costs deemed authorized after December 31, 2020, the MTA and the Company will no longer be obligated to directly pay 70% and 30% of the costs, respectively, and these costs will be subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in the six months ended June 30, 2024, and we do not expect to recoup any equipment deployment costs in the remainder of 2024.

•Payments. We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Our payment obligations with respect to guaranteed minimum annual payment amounts owed to the MTA resumed on January 1, 2021, in accordance with the terms of the MTA Agreement, and any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65%) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero, then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5% of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5% from the prior year.

•Term. In July 2021, we extended the initial 10-year term of the MTA Agreement to a 13-year base term (the “Amended Term”). We have the option to extend the Amended Term for an additional five-year period at the end of the Amended Term, subject to satisfying certain quantitative and qualitative conditions.

During the six months ended June 30, 2024, we had no recoupment from incremental revenues. As of June 30, 2024, 23,971 digital displays had been installed, composed of 5,004 digital advertising screens on subway and train platforms and entrances, 13,430 smaller-format digital advertising screens on rolling stock and 5,537 MTA communications displays. In the three months ended June 30, 2024, 1,776 installations occurred, for a total of 4,274 installations in the six months ended June 30, 2024.

As a result of negative aggregate cash flows related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group and recorded impairment charges of $8.8 million in the three months ended June 30, 2024, and $17.9 million in the six months ended June 30, 2024, representing additional MTA equipment deployment cost spending during the periods.

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(in millions)						Beginning Balance						Deployment Costs Incurred						Recoupment/MTA Funding						Amortization/Impairment						Reclassification						Ending Balance
Six months ended June 30, 2024:
Other current assets						$	1.1					$	—					$	—					$	—					$	—					$	1.1
Intangible assets (franchise agreements)						—						17.9						—						(17.9)						—						—
Total						$	1.1					$	17.9					$	—					$	(17.9)					$	—					$	1.1
Year ended December 31, 2023:
Prepaid MTA equipment deployment costs						$	363.2					$	21.8					$	—					$	—					$	(385.0)					$	—
Other current assets						1.6						(0.4)						(0.1)						—						—						1.1
Intangible assets (franchise agreements)						62.0						22.3						—						(469.3)						385.0						—
Total						$	426.8					$	43.7					$	(0.1)					$	(469.3)					$	—					$	1.1

Letters of Credit

We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of June 30, 2024, the outstanding letters of credit were approximately $73.6 million and outstanding surety bonds were approximately $172.5 million, and were not recorded on the Consolidated Statements of Financial Position.

Legal Matters

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

We currently manage our operations through one operating segment, U.S. Billboard and Transit, which is included in our U.S. Media reportable segment. Prior to the Transaction, our Canadian operations comprised our International operating segment, which did not meet the criteria to be a reportable segment and accordingly, was included in Other. Historical operating results of our Canadian operations are included in Other through the date of sale.

The following tables set forth our financial performance by segment.

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Revenues:
U.S. Media						$	460.9					$	443.0					$	850.5					$	819.4
Other						16.4						25.8						35.3						45.2
Total revenues						$	477.3					$	468.8					$	885.8					$	864.6

---

We present Operating income (loss) before Depreciation, Amortization, Net (gain) loss on dispositions, Stock-based compensation and Impairment charges (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Net income (loss) before allocation to non-controlling interests						$	177.0					$	(478.4)					$	149.9					$	(507.1)
Provision for income taxes						11.1						0.4						10.6						0.8
Equity in earnings of investee companies, net of tax						(0.2)						0.3						—						1.1
Interest expense, net						41.1						39.7						82.5						77.4
Loss on extinguishment of debt						1.2						—						1.2						—
Other income, net						(1.1)						(0.2)						(1.1)						(0.2)
Operating income (loss)						229.1						(438.2)						243.1						(428.0)
Net (gain) loss on dispositions						(155.2)						(0.1)						(155.1)						0.2
Impairment charges						8.8						511.4						17.9						511.4
Depreciation and amortization						35.7						41.2						71.8						83.1
Stock-based compensation						7.6						7.9						14.8						15.7
Total Adjusted OIBDA						$	126.0					$	122.2					$	192.5					$	182.4
Adjusted OIBDA:
U.S. Media						$	140.5					$	128.1					$	222.3					$	200.2
Other						1.6						6.7						2.5						7.8
Corporate						(16.1)						(12.6)						(32.3)						(25.6)
Total Adjusted OIBDA						$	126.0					$	122.2					$	192.5					$	182.4

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						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Operating income (loss):
U.S. Media						$	95.9					$	(420.9)					$	132.4					$	(387.6)
Other						156.9						3.2						157.8						0.9
Corporate						(23.7)						(20.5)						(47.1)						(41.3)
Total operating income (loss)						$	229.1					$	(438.2)					$	243.1					$	(428.0)
Net gain (loss) on dispositions:
U.S. Media						$	0.1					$	(0.1)					$	0.2					$	0.2
Other						(155.3)						—						(155.3)						—
Total gain (loss) on dispositions						$	(155.2)					$	(0.1)					$	(155.1)					$	0.2
Impairment charges (a)(b):
U.S. Media						$	8.8					$	511.4					$	17.9					$	511.4
Total impairment charges						$	8.8					$	511.4					$	17.9					$	511.4
Depreciation and amortization:
U.S. Media						$	35.7					$	37.7					$	71.8					$	76.2
Other						—						3.5						—						6.9
Total depreciation and amortization						$	35.7					$	41.2					$	71.8					$	83.1
Capital expenditures:
U.S. Media						$	18.5					$	19.6					$	36.1					$	41.6
Other						5.4						2.7						6.2						3.3
Total capital expenditures						$	23.9					$	22.3					$	42.3					$	44.9

(a)In 2024, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit (see Note 4. Intangible Assets).

(b)In 2023, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit (see Note 4. Intangible Assets) and an other-than-temporary decline in fair value of a cost-method investment.

						As of
(in millions)						June 30, 2024						December 31, 2023
Assets:
U.S. Media						$	5,194.6					$	5,297.2
Other(a)						12.3						259.7
Corporate						45.3						26.0
Total assets						$	5,252.2					$	5,582.9

(a)As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)

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						As of
(in millions)						June 30, 2024						December 31, 2023
Long-lived assets(a):
United States						$	4,891.3					$	4,962.6
Canada(b)						—						214.3
Total assets						$	4,891.3					$	5,176.9

(a)Reflects total assets less current assets, investments and non-current deferred tax assets.

(b)As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)

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v3.24.2.u1

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Quarterly period ended	Jun. 30, 2024
Document Transition Report	false
Commission File Number	001-36367
Exact name of registrant as specified in its charter	OUTFRONT Media Inc.
State or other jurisdiction of incorporation or organization	MD
I.R.S. Employer Identification No.	46-4494703
Entity Address, Address Line One	90 Park Avenue, 9th Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Zip Code	10016
City Area Code	212
Registrant's telephone number, including area code	297-6400
Title of 12(b) Security	Common Stock, $0.01, par value
Trading Symbol	OUT
Security Exchange Name	NYSE
Filed all reports required to be filed by Section 13 or 15(d)	Yes
Entity Interactive Data Current	Yes
Entity filer category	Large Accelerated Filer
Entity Small Business	false
Emerging growth company	false
Entity Shell Company	false
Shares outstanding (shares)		165,981,712
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0001579877

v3.24.2.u1

Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 49.6	$ 36.0
Receivables, less allowance ($18.6 in 2024 and $17.2 in 2023)	274.5	287.6
Prepaid lease and transit franchise costs	3.2	4.5
Other prepaid expenses	12.8	19.2
Assets held for sale	0.0	34.6
Other current assets	12.9	15.7
Total current assets	353.0	397.6
Noncurrent assets:
Property and equipment, net	656.6	657.8
Goodwill	2,006.4	2,006.4
Intangible assets	666.2	695.4
Operating lease assets	1,550.9	1,591.9
Assets held for sale	0.0	214.3
Other assets	19.1	19.5
Total assets	5,252.2	5,582.9
Current liabilities:
Accounts payable	43.1	55.5
Accrued compensation	38.7	41.4
Accrued interest	34.9	34.2
Accrued lease and franchise costs	67.5	80.0
Other accrued expenses	54.6	56.2
Deferred revenues	44.3	37.7
Short-term debt	30.0	65.0
Short-term operating lease liabilities	181.7	180.9
Liabilities held for sale	0.0	24.1
Other current liabilities	29.7	18.0
Total current liabilities	524.5	593.0
Noncurrent liabilities:
Long-term debt, net	2,480.2	2,676.5
Asset retirement obligation	33.4	33.0
Operating lease liabilities	1,382.9	1,417.4
Liabilities held for sale	0.0	90.9
Other liabilities	42.9	42.0
Total liabilities	4,463.9	4,852.8
Commitments and contingencies
Preferred Stock (2024- 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding; 2023 - 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding)	119.8	119.8
Stockholders’ equity:
Common stock (2024 - 450.0 shares authorized, and 166.0 shares issued and outstanding; 2023 - 450.0 shares authorized, and 165.1 issued and outstanding)	1.7	1.7
Additional paid-in capital	2,439.3	2,432.2
Distribution in excess of earnings	(1,775.8)	(1,821.1)
Accumulated other comprehensive loss	(0.3)	(5.8)
Total stockholders' equity	664.9	607.0
Non-controlling interests	3.6	3.3
Total equity	788.3	730.1
Total liabilities and equity	$ 5,252.2	$ 5,582.9

v3.24.2.u1

Consolidated Statement of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 18.6	$ 17.2
Preferred stock authorized (shares)	50,000,000	50,000,000.0
Series A Preferred Stock issued (shares)	125,000	100,000
Series A Preferred Stock outstanding (shares)	125,000	100,000
Common stock authorized (shares)	450,000,000	450,000,000.0
Common stock issued (shares)	165,979,058	165,100,000
Common stock outstanding (shares)	165,979,058	165,100,000

v3.24.2.u1

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023
Revenues:
Billboard		$ 373.4	$ 371.6		$ 702.2	$ 692.2
Transit and other		103.9	97.2		183.6	172.4
Total revenues		477.3	468.8		885.8	864.6
Expenses:
Operating		239.8	245.9		478.5	481.4
Selling, general and administrative		119.1	108.6		229.6	216.5
Net (gain) loss on dispositions		(155.2)	(0.1)		(155.1)	0.2
Impairment charges		8.8	511.4		17.9	511.4
Depreciation		18.4	19.7		36.9	39.8
Amortization		17.3	21.5		34.9	43.3
Total expenses		248.2	907.0		642.7	1,292.6
Operating income (loss)		229.1	(438.2)		243.1	(428.0)
Interest expense, net		(41.1)	(39.7)		(82.5)	(77.4)
Loss on extinguishment of debt		(1.2)	0.0		(1.2)	0.0
Other income, net		1.1	0.2		1.1	0.2
Income (loss) before provision for income taxes and equity in earnings of investee companies		187.9	(477.7)		160.5	(505.2)
Provision for income taxes		(11.1)	(0.4)		(10.6)	(0.8)
Equity in earnings of investee companies, net of tax		0.2	(0.3)		0.0	(1.1)
Net income (loss) before allocation to non-controlling interests		177.0	(478.4)		149.9	(507.1)
Net income attributable to non-controlling interests		0.2	0.5		0.3	0.7
Net income (loss) attributable to OUTFRONT Media Inc.		$ 176.8	$ (478.9)	[1]	$ 149.6	$ (507.8)	[1]
Net income (loss) per common share:
Basic (in dollars per share)		$ 1.05	$ (2.92)		$ 0.88	$ (3.11)
Diluted (in dollars per share)		$ 1.01	$ (2.92)		$ 0.86	$ (3.11)
Weighted average shares outstanding:
Basic (in shares)		165.9	165.0		165.7	164.8
Diluted (in shares)	[2],[3]	174.5	165.0		174.2	164.8
[1] In 2024, Net income available for common stockholders for the calculation of diluted EPS. [2] The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three and six months ended June 30, 2023, were antidilutive. [3] The potential impact of 0.9 million granted RSUs and PRSUs in the three months ended June 30, 2024, 2.5 million granted RSUs and PRSUs in the three months ended June 30, 2023, 1.0 million granted RSUs and PRSUs in the six months ended June 30, 2024, and 2.1 million granted RSUs and PRSUs in the six months ended June 30, 2023, were antidilutive.

v3.24.2.u1

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss) before allocation to non-controlling interests	$ 177.0	$ (478.4)		$ 149.9	$ (507.1)
Net income attributable to non-controlling interests	0.2	0.5		0.3	0.7
Net Income (Loss)	176.8	(478.9)	[1]	149.6	(507.8)	[1]
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(0.9)	2.5		(4.0)	2.8
Write-off of currency translation losses related to a disposition	9.5	0.0		9.5	0.0
Total other comprehensive income, net of tax	8.6	2.5		5.5	2.8
Total comprehensive income (loss)	$ 185.4	$ (476.4)		$ 155.1	$ (505.0)
[1] In 2024, Net income available for common stockholders for the calculation of diluted EPS.

v3.24.2.u1

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total		Series A Preferred Stock	Common stock	Series A Preferred Stock	Common stock	Additional Paid-in Capital	Distribution in Excess of Earnings	Distribution in Excess of Earnings Series A Preferred Stock	Distribution in Excess of Earnings Common stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Series A Preferred Stock outstanding (shares) at Dec. 31, 2022					100,000
Series A Preferred Stock (dollars) at Dec. 31, 2022					$ 119.8
Series A Preferred Stock outstanding (shares) at Jun. 30, 2023					100,000
Series A Preferred Stock (dollars) at Jun. 30, 2023					$ 119.8
Total stockholders' equity at Dec. 31, 2022	$ 1,225.4					$ 1.6	$ 2,416.3	$ (1,183.4)			$ (9.1)
Non-controlling interests at Dec. 31, 2022												$ 4.0
Total equity at Dec. 31, 2022	1,349.2
Common stock outstanding (shares) at Dec. 31, 2022						164,200,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(507.8)	[1]						(507.8)
Net income attributable to non-controlling interests	0.7											0.7
Net income (loss) before allocation to non-controlling interests	(507.1)
Other comprehensive income	2.8										2.8
Other comprehensive income (loss) - total equity	2.8
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0.1
Stock-based payments: Vested						$ 0.1
Stock-based payments: Vested (shares)						1,500,000
Stock-based payments: Amortization	15.7						15.7
Shares paid for tax withholding for stock-based payments (shares)						(700,000)
Shares paid for tax withholding for stock-based payments	(12.4)						(12.4)
Dividends			$ (4.4)	$ (99.3)					$ (4.4)	$ (99.3)
Total stockholders' equity at Jun. 30, 2023	620.1					$ 1.7	2,419.6	(1,794.9)			(6.3)
Non-controlling interests at Jun. 30, 2023												4.7
Total equity at Jun. 30, 2023	744.6
Common stock outstanding (shares) at Jun. 30, 2023						165,000,000.0
Series A Preferred Stock outstanding (shares) at Mar. 31, 2023					100,000
Series A Preferred Stock (dollars) at Mar. 31, 2023					$ 119.8
Series A Preferred Stock outstanding (shares) at Jun. 30, 2023					100,000
Series A Preferred Stock (dollars) at Jun. 30, 2023					$ 119.8
Total stockholders' equity at Mar. 31, 2023	1,140.4					$ 1.6	2,411.8	(1,264.2)			(8.8)
Non-controlling interests at Mar. 31, 2023												4.1
Total equity at Mar. 31, 2023	1,264.3
Common stock outstanding (shares) at Mar. 31, 2023						165,000,000.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(478.9)	[1]						(478.9)
Net income attributable to non-controlling interests	0.5
Net income (loss) before allocation to non-controlling interests	(478.4)
Other comprehensive income	2.5										2.5
Other comprehensive income (loss) - total equity	2.5
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0.1
Stock-based payments: Vested						$ 0.1
Stock-based payments: Vested (shares)						100,000
Stock-based payments: Amortization	7.9						7.9
Shares paid for tax withholding for stock-based payments (shares)						(100,000)
Shares paid for tax withholding for stock-based payments	(0.1)						(0.1)
Dividends			(2.2)	(49.6)				(49.6)	(2.2)
Other	0.1
Noncontrolling interests - Other												0.1
Total stockholders' equity at Jun. 30, 2023	620.1					$ 1.7	2,419.6	(1,794.9)			(6.3)
Non-controlling interests at Jun. 30, 2023												4.7
Total equity at Jun. 30, 2023	$ 744.6
Common stock outstanding (shares) at Jun. 30, 2023						165,000,000.0
Series A Preferred Stock outstanding (shares) at Dec. 31, 2023	100,000				100,000
Series A Preferred Stock (dollars) at Dec. 31, 2023	$ 119.8				$ 119.8
Series A Preferred Stock outstanding (shares) at Jun. 30, 2024	125,000				100,000
Series A Preferred Stock (dollars) at Jun. 30, 2024	$ 119.8				$ 119.8
Total stockholders' equity at Dec. 31, 2023	607.0					$ 1.7	2,432.2	(1,821.1)			(5.8)
Non-controlling interests at Dec. 31, 2023	3.3											3.3
Total equity at Dec. 31, 2023	$ 730.1
Common stock outstanding (shares) at Dec. 31, 2023	165,100,000					165,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	$ 149.6							149.6
Net income attributable to non-controlling interests	0.3											0.3
Net income (loss) before allocation to non-controlling interests	149.9
Other comprehensive income	5.5										5.5
Other comprehensive income (loss) - total equity	5.5
Stock-based payments: Vested (shares)						1,500,000
Stock-based payments: Amortization	14.8						14.8
Shares paid for tax withholding for stock-based payments (shares)						(600,000)
Shares paid for tax withholding for stock-based payments	(7.7)						(7.7)
Dividends			(4.4)	(99.9)					(4.4)	(99.9)
Total stockholders' equity at Jun. 30, 2024	664.9					$ 1.7	2,439.3	(1,775.8)			(0.3)
Non-controlling interests at Jun. 30, 2024	3.6											3.6
Total equity at Jun. 30, 2024	$ 788.3
Common stock outstanding (shares) at Jun. 30, 2024	165,979,058					166,000,000.0
Series A Preferred Stock outstanding (shares) at Mar. 31, 2024					100,000
Series A Preferred Stock (dollars) at Mar. 31, 2024					$ 119.8
Series A Preferred Stock outstanding (shares) at Jun. 30, 2024	125,000				100,000
Series A Preferred Stock (dollars) at Jun. 30, 2024	$ 119.8				$ 119.8
Total stockholders' equity at Mar. 31, 2024	524.2					$ 1.7	2,431.9	(1,900.5)			(8.9)
Non-controlling interests at Mar. 31, 2024												3.2
Total equity at Mar. 31, 2024	647.2
Common stock outstanding (shares) at Mar. 31, 2024						165,900,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	176.8							176.8
Net income attributable to non-controlling interests	0.2
Net income (loss) before allocation to non-controlling interests	177.0
Other comprehensive income	8.6										8.6
Other comprehensive income (loss) - total equity	8.6
Stock-based payments: Vested (shares)						100,000
Stock-based payments: Amortization	7.6						7.6
Shares paid for tax withholding for stock-based payments	(0.2)						(0.2)
Dividends			$ (2.2)	$ (49.9)					$ (2.2)	$ (49.9)
Other	0.2
Noncontrolling interests - Other												0.2
Total stockholders' equity at Jun. 30, 2024	664.9					$ 1.7	$ 2,439.3	$ (1,775.8)			$ (0.3)
Non-controlling interests at Jun. 30, 2024	3.6											$ 3.6
Total equity at Jun. 30, 2024	$ 788.3
Common stock outstanding (shares) at Jun. 30, 2024	165,979,058					166,000,000.0
[1] In 2024, Net income available for common stockholders for the calculation of diluted EPS.

v3.24.2.u1

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value per share ($ per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Series A Preferred Stock, par value per share ($ per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Series A Preferred Stock dividend rate (%)	7.00%	7.00%	7.00%	7.00%
Dividends declared per common share ($ per share)	$ 0.30	$ 0.30	$ 0.60	$ 0.60

v3.24.2.u1

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023		Dec. 31, 2023
Operating Activities:
Net Income (Loss)	$ 176.8	$ (478.9)	[1]	$ 149.6	$ (507.8)	[1]
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Net income attributable to non-controlling interests	0.2	0.5		0.3	0.7
Depreciation and amortization	35.7	41.2		71.8	83.1
Deferred tax provision (benefit)				(1.2)	0.1
Stock-based compensation				14.8	15.7
Provision for doubtful accounts				2.2	0.7
Accretion expense				1.5	1.5
Net (gain) loss on dispositions	(155.2)	(0.1)		(155.1)	0.2
Impairment charges				0.0	511.4
Loss on extinguishment of debt	1.2	0.0		1.2	0.0
Equity in earnings of investee companies, net of tax	(0.2)	0.3		0.0	1.1
Distributions from investee companies				0.8	0.8
Amortization of deferred financing costs and debt discount				3.1	3.4
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables				11.0	22.3
Increase in prepaid MTA equipment deployment costs				0.0	(21.8)
Increase in prepaid expenses and other current assets				3.8	1.3
Decrease in accounts payable and accrued expenses				(26.8)	(40.5)
Increase in operating lease assets and liabilities				8.6	8.9
Increase in deferred revenues				6.6	12.7
Increase (decrease) in income taxes				10.6	(4.8)
Decrease in assets and liabilities held for sale, net				(2.1)	0.0
Other, net				0.9	(1.3)
Net cash flow provided by operating activities				101.6	87.7
Investing Activities:
Capital expenditures				(42.3)	(44.9)
Acquisitions				(7.6)	(27.4)
MTA franchise rights				0.0	0.6
Net proceeds from dispositions				309.4	0.2
Net cash flow provided by (used for) investing activities				259.5	(71.5)
Financing Activities:
Repayments of long-term debt borrowings				(200.0)	0.0
Proceeds from borrowings under short-term debt facilities				95.0	105.0
Repayments of borrowings under short-term debt facilities				(130.0)	0.0
Payments of deferred financing costs				(0.2)	(3.7)
Taxes withheld for stock-based compensation				(7.5)	(12.3)
Dividends				(104.4)	(103.7)
Net cash flow used for financing activities				(347.1)	(14.7)
Effect of exchange rate changes on cash and cash equivalents				(0.4)	0.3
Net increase in cash and cash equivalents				13.6	1.8
Cash and cash equivalents at beginning of period				36.0	40.4		$ 40.4
Cash and cash equivalents at end of period	$ 49.6	$ 42.2		49.6	42.2		$ 36.0
Supplemental disclosure of cash flow Information:
Cash paid for income taxes				1.2	5.5
Cash paid for interest				79.9	74.4
Non-cash investing and financing activities:
Accrued purchases of property and equipment				7.4	3.9
Accrued MTA franchise rights				0.0	2.9
Taxes withheld for stock-based compensation				$ 0.2	$ 0.1
[1] In 2024, Net income available for common stockholders for the calculation of diluted EPS.

v3.24.2.u1

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”). Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 120 markets across the U.S. We currently manage our operations through one operating segment, U.S. Billboard and Transit, which is included in our U.S. Media reportable segment. Prior to its sale, our Canadian operations comprised our International operating segment, which did not meet the criteria to be a reportable segment and accordingly, was included in Other. Historical operating results of our Canadian operations are included in Other through the date of sale. On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of the Company’s outdoor advertising business in Canada (the “Canadian Business”). (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.) Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024. The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions. Out-of-Period Adjustment For the three months ended March 31, 2023, the Company recorded an out-of-period adjustment relating to variable billboard property lease costs and accrued lease and franchise costs in 2022, resulting in a $5.2 million increase in Operating expenses for the three months ended March 31, 2023. The Company assessed the materiality of the amount reflected in this adjustment on its previously issued financial statements in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements.

v3.24.2.u1

New Accounting Standards	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Recent Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Retrospective application is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

v3.24.2.u1

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives June 30, 2024 December 31, 2023 Land $ 110.2  $ 110.1  Buildings 15 to 35 years 46.7  42.7  Advertising structures 3 to 20 years 1,738.1  1,716.2  Furniture, equipment and other 3 to 10 years 181.1  173.9  Construction in progress 36.1  39.5  2,112.2  2,082.4  Less: Accumulated depreciation 1,455.6  1,424.6  Property and equipment, net $ 656.6  $ 657.8  Depreciation expense was $18.4 million in the three months ended June 30, 2024, $19.7 million in the three months ended June 30, 2023, $36.9 million in the six months ended June 30, 2024, and $39.8 million in the six months ended June 30, 2023.

v3.24.2.u1

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, and franchise agreements, which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Impairment Net As of June 30, 2024: Permits and leasehold agreements $ 1,540.3  $ (921.2) $ —  $ 619.1  Franchise agreements(a) 953.7  (432.1) (485.8) 35.8  Other intangible assets 19.4  (8.1) —  11.3  Total intangible assets $ 2,513.4  $ (1,361.4) $ (485.8) $ 666.2  As of December 31, 2023: Permits and leasehold agreements $ 1,535.5  $ (893.8) $ —  $ 641.7  Franchise agreements(a) 934.8  (426.4) (467.9) 40.5  Other intangible assets 19.5  (6.3) —  13.2  Total intangible assets $ 2,489.8  $ (1,326.5) $ (467.9) $ 695.4  (a)We reclassified all Prepaid MTA equipment deployment costs (see Note 16. Commitments and Contingencies) and recorded impairments in the second, third and fourth quarters of 2023, as well as the first and second quarters of 2024, due to the long-term outlook of our U.S. Transit and Other reporting unit. In the six months ended June 30, 2024, we acquired 4 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $5.2 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 14.6 years. All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $17.3 million in the three months ended June 30, 2024, $21.5 million in the three months ended June 30, 2023, $34.9 million in the six months ended June 30, 2024, and $43.3 million in the six months ended June 30, 2023. As a result of negative aggregate cash flows related to our New York Metropolitan Transportation Authority (the “MTA”) asset group, we performed quarterly impairment analyses on the MTA asset group and recorded impairment charges of $8.8 million in the three months ended June 30, 2024, and $17.9 million in the six months ended June 30, 2024, representing additional MTA equipment deployment cost spending during the periods. In the three and six months ended June 30, 2023, we recorded impairment charges of $511.4 million, primarily representing a $443.1 million impairment charge related to our MTA asset group.

v3.24.2.u1

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Lessee The following table presents our operating lease assets and liabilities: As of (in millions, except years and percentages) June 30, 2024 December 31, 2023 Operating lease assets $ 1,550.9  $ 1,591.9  Short-term operating lease liabilities 181.7  180.9  Non-current operating lease liabilities 1,382.9  1,417.4  Weighted-average remaining lease term 10.8 years 10.9 years Weighted-average discount rate 6.3  % 6.2  % The components of our lease expenses were as follows: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Operating expenses(a) $ 121.8  $ 128.1  $ 243.0  $ 249.0  Selling, general and administrative expenses 4.0  3.2  7.9  6.3  Variable costs(a) 30.3  38.1  58.9  70.6  Cash paid for operating leases(b) 113.5  113.2  256.0  250.9  Leased assets obtained in exchange for new operating lease liabilities 45.1  83.9  105.6  256.0  (a)Includes an out-of-period adjustment of $5.2 million recorded in the first quarter of 2023 related to variable billboard property lease costs (see Note 1. Description of Business and Basis of Presentation). (b)Includes amounts related to Canada. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.) For each of the three and six months ended June 30, 2024 and 2023, sublease income related to office properties was immaterial. Lessor We recorded rental income of $345.8 million for the three months ended June 30, 2024, $349.3 million for the three months ended June 30, 2023, $649.9 million for the six months ended June 30, 2024, and $647.7 million for the six months ended June 30, 2023, in Revenues on our Consolidated Statement of Operations.

v3.24.2.u1

Asset Retirement Obligation	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation	Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2023 $ 33.0  Accretion expense 1.5  Additions 0.2  Liabilities settled (1.1) Foreign currency translation adjustments (0.2) As of June 30, 2024 $ 33.4

v3.24.2.u1

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On January 18, 2023, we entered into a transaction with an affiliate of Providence Equity Partners L.L.C. (the “Providence Affiliate”) in connection with the Providence Affiliate’s purchase of a lease for certain outdoor advertising assets (the “Assets”) from a third-party seller. Pursuant to an agreement between us and the Providence Affiliate (the “Billboard Agreement”), we agreed to exclusively market, license and make advertising space available on the Assets to third-party advertisers for a term of up to ten years (the “Billboard Transaction”). In return, we will retain all revenues from the sale of advertising with respect to the Assets less the following payments to the Providence Affiliate or its payment designee, as applicable: (i) a minimum annual guarantee payment paid to the Providence Affiliate’s payment designee that increases from approximately $1.8 million to $3.5 million during the term of the Billboard Agreement; (ii) a minimum annual guarantee payment paid to the Providence Affiliate that increases from $8.5 million to $12.0 million by year six and adjusted for inflation thereafter through year ten; (iii) a percentage revenue share payment on gross revenues generated above $22.0 million paid to the Providence Affiliate during the term of the Billboard Agreement; (iv) a percentage revenue share payment on net revenues until $100.0 million is paid to the Providence Affiliate or its payment designee, as applicable; and (v) a one-time payment of $10.0 million paid to the Providence Affiliate on the fifth anniversary of the closing of the Billboard Transaction (the “Billboard Transaction Closing”) if we have not yet acquired the Assets as described below. The Billboard Agreement also provides that (i) we have the option to acquire the Assets from the Providence Affiliate between the third and seventh anniversaries of the Billboard Transaction Closing at pre-agreed prices depending on the time at which we exercise the option; (ii) prior to the seventh anniversary of the Billboard Transaction Closing, we have a right of first offer prior to any sale of the Assets by the Providence Affiliate to a third-party; and (iii) in the event of a termination of the Billboard Agreement by the Providence Affiliate after a sale to a third-party, we may in certain circumstances be entitled to receive a termination payment. As of June 30, 2024, operating lease assets related to the Billboard Agreement were $89.0 million, current operating lease liabilities related to the Billboard Agreement were $4.0 million and non-current operating lease liabilities related to the Billboard Agreement were $91.1 million, and are included in Operating lease assets, current Operating lease liabilities and non-current Operating lease liabilities, respectively, on the Consolidated Statements of Financial Position. Billboard revenues related to the Billboard Agreement were $2.4 million in the three months ended June 30, 2024, $1.9 million in the three months ended June 30, 2023, $5.2 million in the six months ended June 30, 2024 and $3.8 million in the six months ended June 30, 2023, and recorded in Revenues on the Consolidated Statement of Operations. Operating lease expenses related to the Billboard Agreement were $2.8 million in the three months ended June 30, 2024, $2.6 million in the three months ended June 30, 2023, $6.3 million in the six months ended June 30, 2024, and $4.9 million in the six months ended June 30, 2023, and recorded in Operating expenses on the Consolidated Statement of Operations. Additionally, we have a 50% ownership interest in one active joint venture that operates transit shelters in the greater Los Angeles area and two active joint ventures which operate a total of seven billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $7.8 million as of June 30, 2024, and $8.2 million as of December 31, 2023, and are included in Other assets on the Consolidated Statements of Financial Position. In 2023, in connection with the Transaction, an equity investment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.) We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $1.2 million in the three months ended June 30, 2024, $1.4 million in the three months ended June 30, 2023, $2.2 million in the six months ended June 30, 2024 and $2.4 million in the six months ended June 30, 2023.

v3.24.2.u1

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt, net, consists of the following: As of (in millions, except percentages) June 30, 2024 December 31, 2023 Short-term debt: AR Facility $ 30.0  $ 65.0  Total short-term debt 30.0  65.0  Long-term debt: Term loan, due 2026 399.4  598.9  Senior secured notes: 7.375% senior secured notes, due 2031 450.0  450.0  Senior unsecured notes: 5.000% senior unsecured notes, due 2027 650.0  650.0  4.250% senior unsecured notes, due 2029 500.0  500.0  4.625% senior unsecured notes, due 2030 500.0  500.0  Total senior unsecured notes 1,650.0  1,650.0  Debt issuance costs (19.2) (22.4) Total long-term debt, net 2,480.2  2,676.5  Total debt, net $ 2,510.2  $ 2,741.5  Weighted average cost of debt 5.6  % 5.7  % Term Loan The interest rate on the term loan due in 2026 (the “Term Loan”) was 7.1% per annum as of June 30, 2024. As of June 30, 2024, a discount of $0.6 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. In June 2024, we prepaid $200.0 million of the outstanding principal balance on the Term Loan. In the three and six months ended June 30, 2024, we recorded a Loss on extinguishment of debt of $1.2 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on the Term Loan. Revolving Credit Facility We also have a $500.0 million revolving credit facility, which matures in 2028 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”). As of June 30, 2024, there were no outstanding borrowings under the Revolving Credit Facility. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.5 million in the three months ended June 30, 2024, $0.4 million in the three months ended June 30, 2023, $1.0 million in the six months ended June 30, 2024, and $0.8 million in the six months ended June 30, 2023. As of June 30, 2024, we had issued letters of credit totaling approximately $6.3 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of June 30, 2024, we had issued letters of credit totaling approximately $67.3 million under our aggregate $81.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2024 and 2023. Accounts Receivable Securitization Facility As of June 30, 2024, we have a $150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2027, unless further extended. On June 14, 2024, we entered into an amendment to the agreements governing the AR Facility, pursuant to which we (i) extended the term of the AR Facility so that it now terminates on June 14, 2027, unless further extended; and (ii) modified the upfront fee and modified the program fee so that the program fee may increase or decrease based on the Company’s Consolidated Net Secured Leverage Ratio (as defined and described below). The amendment to the agreements governing the AR Facility do not change how we account for the AR Facility as a collateralized financing activity. In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs may transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility. As of June 30, 2024, there were $30.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 6.6%. As of June 30, 2024, borrowing capacity remaining under the AR Facility was $120.0 million based on approximately $314.6 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was $0.1 million for each of the six months ended June 30, 2024 and 2023, and was immaterial for each of the three months ended June 30, 2024 and 2023. In July and August 2024, we made repayments totaling $30.0 million under the AR Facility. Debt Covenants Our credit agreement, dated as of January 31, 2014 (as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”), governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions and exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of June 30, 2024, our Consolidated Total Leverage Ratio was 5.0 to 1.0, as adjusted to give pro forma effect to the Transaction, in accordance with the Credit Agreement. The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. As of June 30, 2024, our Consolidated Net Secured Leverage Ratio was 1.6 to 1.0, as adjusted to give pro forma effect to the Transaction,- in accordance with the Credit Agreement. As of June 30, 2024, we are in compliance with our debt covenants. Deferred Financing Costs As of June 30, 2024, we had deferred $23.8 million in fees and expenses associated with the Term Loan, the Revolving Credit Facility, the AR Facility and our senior notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior notes. Fair Value Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.5 billion as of June 30, 2024, and $2.7 billion as of December 31, 2023. The fair value of our debt as of both June 30, 2024, and December 31, 2023, is classified as Level 2.

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Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity As of June 30, 2024, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 165,979,058 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized, with 125,000 shares of our Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”), par value $0.01 per share, issued and outstanding. The Series A Preferred Stock ranks senior to the shares of the Company’s common stock with respect to dividend and distribution rights. Holders of the Series A Preferred Stock are entitled to a cumulative dividend accruing at the initial rate of 7.0% per year, payable quarterly in arrears, subject to increases as set forth in the Articles Supplementary, effective as of April 20, 2020 (the “Articles”). Dividends may, at the option of the Company, be paid in cash, in-kind, through the issuance of additional shares of Series A Preferred Stock or a combination of cash and in-kind, until April 20, 2028, after which time dividends will be payable solely in cash. So long as any shares of Series A Preferred Stock remain outstanding, the Company may not, without the consent of a specified percentage of holders of shares of Series A Preferred Stock, declare a dividend on, or make any distributions relating to, capital stock that ranks junior to, or on a parity basis with, the Series A Preferred Stock, subject to certain exceptions, including but not limited to (i) any dividend or distribution in cash or capital stock of the Company on or in respect of the capital stock of the Company to the extent that such dividend or distribution is necessary to maintain the Company’s status as a REIT; and (ii) any dividend or distribution in cash in respect of our common stock that, together with the dividends or distributions during the 12-month period immediately preceding such dividend or distribution, is not in excess of 5% of the aggregate dividends or distributions paid by the Company necessary to maintain its REIT status during such 12-month period. If any dividends or distributions in respect of the shares of our common stock are paid in cash, the shares of Series A Preferred Stock will participate in the dividends or distributions on an as-converted basis up to the amount of their accrued dividend for such quarter, which amounts will reduce the dividends payable on the shares of Series A Preferred Stock dollar-for-dollar for such quarter. The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends. During the three months ended June 30, 2024, we paid cash dividends of $2.2 million on the Series A Preferred Stock and during the six months ended June 30, 2024, we paid cash dividends of $4.4 million on the Series A Preferred Stock. As of June 30, 2024, the maximum number of shares of common stock that could be required to be issued on conversion of the outstanding shares of Series A Preferred Stock was approximately 7.8 million shares. We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. No shares were sold under the ATM Program during the six months ended June 30, 2024. As of June 30, 2024, we had approximately $232.5 million of capacity remaining under the ATM Program. On August 6, 2024, we announced that our board of directors approved a quarterly cash dividend of $0.30 per share on our common stock, payable on September 27, 2024, to stockholders of record at the close of business on September 6, 2024.

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Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table summarizes revenues by source: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Billboard: Static displays $ 243.5  $ 244.5  $ 466.3  $ 459.6  Digital displays 117.4  113.9  211.3  202.8  Other 12.5  13.2  24.6  29.8  Billboard revenues 373.4  371.6  702.2  692.2  Transit: Static displays 51.8  52.1  90.5  90.9  Digital displays 43.0  35.1  75.8  63.2  Other 9.0  8.1  16.9  14.6  Total transit revenues 103.8  95.3  183.2  168.7  Other 0.1  1.9  0.4  3.7  Transit and other revenues 103.9  97.2  183.6  172.4  Total revenues $ 477.3  $ 468.8  $ 885.8  $ 864.6  Rental income was $345.8 million in the three months ended June 30, 2024, $349.3 million in the three months ended June 30, 2023, $649.9 million in the six months ended June 30, 2024, and $647.7 million in the six months ended June 30, 2023, and is recorded in Billboard revenues on the Consolidated Statement of Operations. The following table summarizes revenues by geography: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 United States: Billboard $ 360.2  $ 352.2  $ 674.1  $ 658.3  Transit and other 100.7  90.8  176.4  161.1  Other 0.1  1.9  0.4  3.7  Total United States revenues 461.0  444.9  850.9  823.1  Canada 16.3  23.9  34.9  41.5  Total revenues $ 477.3  $ 468.8  $ 885.8  $ 864.6  We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2023, during the three months ended March 31, 2024.

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Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Acquisitions We completed several asset acquisitions for a total purchase price of approximately $7.6 million in the six months ended June 30, 2024, and $27.4 million in the six months ended June 30, 2023. The value of the assets acquired during 2024 and 2023 has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4. Intangible Assets). Dispositions Canadian Business On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction. In connection with the Transaction, the Company received C$410.0 million in cash, which is subject to certain purchase price adjustments. In connection with the Transaction, the assets of our outdoor advertising business in Canada had been classified as Assets held for sale on the Consolidated Statement of Financial Position as of December 31, 2023. It is required that we measure assets held for sale at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. The components of Assets held for sale and Liabilities held for sale, which were written off upon completion of the Transaction, were as follows: (in millions) As of June 7, 2024 As of December 31, 2023 Current assets: Receivables, less allowances $ 22.9  $ 26.7  Other current assets 9.3  7.9  Current assets held for sale 32.2  34.6  Property and equipment, net 44.7  39.9  Goodwill 22.2  22.9  Intangible assets 51.3  53.0  Operating lease assets 84.7  85.9  Other assets 11.9  12.6  Total assets held for sale $ 247.0  $ 248.9  Current liabilities held for sale $ 24.7  $ 24.1  Deferred income tax liabilities, net 13.7  15.5  Asset retirement obligation 4.9  5.0  Operating lease liabilities 69.4  70.4  Total liabilities held for sale $ 112.7  $ 115.0

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Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2024 and 2023. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 7.6  $ 7.9  $ 14.8  $ 15.7  Tax benefit (0.4) (0.1) (0.6) (0.5) Stock-based compensation expense, net of tax $ 7.2  $ 7.8  $ 14.2  $ 15.2  As of June 30, 2024, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $41.0 million, which is expected to be recognized over a weighted average period of 1.9 years. RSUs and PRSUs The following table summarizes activity for the six months ended June 30, 2024, of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2023 2,781,836  $ 21.10  Granted: RSUs 1,649,172  12.52  PRSUs 796,689  12.43  Vested: RSUs (965,084) 21.04  PRSUs (417,637) 22.06  Forfeitures: RSUs (77,316) 14.91  PRSUs (196,486) 18.66  Non-vested as of June 30, 2024 3,571,174  15.37

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Retirement Benefits	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Components of net periodic pension cost: Interest cost $ 0.2  $ 0.5  $ 0.5  $ 1.1  Expected return on plan assets (0.2) (0.7) (0.6) (1.4) Net periodic pension cost $ —  $ (0.2) $ (0.1) $ (0.3) In the six months ended June 30, 2024, we contributed $0.2 million to our defined benefit pension plans. In connection with the Transaction, we sold the Outfront Media Canada LP pension plan. We do not expect to make any additional contributions to our remaining defined benefit pension plan in the U.S. during the remainder of 2024.

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Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities as TRSs. As such, we have provided for their federal, state and foreign income taxes. Tax years 2020 to present are open for examination by the tax authorities. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. In the three and six months ended June 30, 2024 and 2023, our effective tax rate differed from the U.S. federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations (including the impact of the Transaction).

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Earnings Per Share ("EPS")	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share ("EPS")	Earnings Per Share (“EPS”) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net income (loss) available for common stockholders(a) $ 176.8  $ (478.9) $ 149.6  $ (507.8) Less: Distributions to holders of Series A Preferred Stock 2.2  2.2  4.4  4.4  Net income (loss) available for common stockholders, basic(b) $ 174.6  $ (481.1) $ 145.2  $ (512.2) Weighted average shares for basic EPS 165.9  165.0  165.7  164.8  Dilutive potential shares from grants of RSUs and PRSUs(c) 0.8  —  0.7  —  Dilutive potential shares issuable upon conversion of Series A Preferred Stock(d) 7.8  —  7.8  —  Weighted average shares for diluted EPS(c)(d) 174.5  165.0  174.2  164.8  (a)In 2024, Net income available for common stockholders for the calculation of diluted EPS. (b)In 2023, Net loss available for common stockholders for the calculation of both basic and diluted EPS. (c)The potential impact of 0.9 million granted RSUs and PRSUs in the three months ended June 30, 2024, 2.5 million granted RSUs and PRSUs in the three months ended June 30, 2023, 1.0 million granted RSUs and PRSUs in the six months ended June 30, 2024, and 2.1 million granted RSUs and PRSUs in the six months ended June 30, 2023, were antidilutive. (d)The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three and six months ended June 30, 2023, were antidilutive.

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Commitment and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. Contractual Obligations We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. Under the current MTA agreement, which was amended in June 2020 and July 2021 and is subject to modification as agreed-upon by us and the MTA (as amended, the “MTA Agreement”): •Deployments. We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”). •Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operations, including impairment charges (see Note 4. Intangible Assets). If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA. For any deployment costs deemed authorized after December 31, 2020, the MTA and the Company will no longer be obligated to directly pay 70% and 30% of the costs, respectively, and these costs will be subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in the six months ended June 30, 2024, and we do not expect to recoup any equipment deployment costs in the remainder of 2024. •Payments. We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Our payment obligations with respect to guaranteed minimum annual payment amounts owed to the MTA resumed on January 1, 2021, in accordance with the terms of the MTA Agreement, and any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65%) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero, then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5% of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5% from the prior year. •Term. In July 2021, we extended the initial 10-year term of the MTA Agreement to a 13-year base term (the “Amended Term”). We have the option to extend the Amended Term for an additional five-year period at the end of the Amended Term, subject to satisfying certain quantitative and qualitative conditions. During the six months ended June 30, 2024, we had no recoupment from incremental revenues. As of June 30, 2024, 23,971 digital displays had been installed, composed of 5,004 digital advertising screens on subway and train platforms and entrances, 13,430 smaller-format digital advertising screens on rolling stock and 5,537 MTA communications displays. In the three months ended June 30, 2024, 1,776 installations occurred, for a total of 4,274 installations in the six months ended June 30, 2024. As a result of negative aggregate cash flows related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group and recorded impairment charges of $8.8 million in the three months ended June 30, 2024, and $17.9 million in the six months ended June 30, 2024, representing additional MTA equipment deployment cost spending during the periods. (in millions) Beginning Balance Deployment Costs Incurred Recoupment/MTA Funding Amortization/Impairment Reclassification Ending Balance Six months ended June 30, 2024: Other current assets $ 1.1  $ —  $ —  $ —  $ —  $ 1.1  Intangible assets (franchise agreements) —  17.9  —  (17.9) —  —  Total $ 1.1  $ 17.9  $ —  $ (17.9) $ —  $ 1.1  Year ended December 31, 2023: Prepaid MTA equipment deployment costs $ 363.2  $ 21.8  $ —  $ —  $ (385.0) $ —  Other current assets 1.6  (0.4) (0.1) —  —  1.1  Intangible assets (franchise agreements) 62.0  22.3  —  (469.3) 385.0  —  Total $ 426.8  $ 43.7  $ (0.1) $ (469.3) $ —  $ 1.1  Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of June 30, 2024, the outstanding letters of credit were approximately $73.6 million and outstanding surety bonds were approximately $172.5 million, and were not recorded on the Consolidated Statements of Financial Position. Legal Matters On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

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Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We currently manage our operations through one operating segment, U.S. Billboard and Transit, which is included in our U.S. Media reportable segment. Prior to the Transaction, our Canadian operations comprised our International operating segment, which did not meet the criteria to be a reportable segment and accordingly, was included in Other. Historical operating results of our Canadian operations are included in Other through the date of sale. The following tables set forth our financial performance by segment. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Revenues: U.S. Media $ 460.9  $ 443.0  $ 850.5  $ 819.4  Other 16.4  25.8  35.3  45.2  Total revenues $ 477.3  $ 468.8  $ 885.8  $ 864.6  We present Operating income (loss) before Depreciation, Amortization, Net (gain) loss on dispositions, Stock-based compensation and Impairment charges (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net income (loss) before allocation to non-controlling interests $ 177.0  $ (478.4) $ 149.9  $ (507.1) Provision for income taxes 11.1  0.4  10.6  0.8  Equity in earnings of investee companies, net of tax (0.2) 0.3  —  1.1  Interest expense, net 41.1  39.7  82.5  77.4  Loss on extinguishment of debt 1.2  —  1.2  —  Other income, net (1.1) (0.2) (1.1) (0.2) Operating income (loss) 229.1  (438.2) 243.1  (428.0) Net (gain) loss on dispositions (155.2) (0.1) (155.1) 0.2  Impairment charges 8.8  511.4  17.9  511.4  Depreciation and amortization 35.7  41.2  71.8  83.1  Stock-based compensation 7.6  7.9  14.8  15.7  Total Adjusted OIBDA $ 126.0  $ 122.2  $ 192.5  $ 182.4  Adjusted OIBDA: U.S. Media $ 140.5  $ 128.1  $ 222.3  $ 200.2  Other 1.6  6.7  2.5  7.8  Corporate (16.1) (12.6) (32.3) (25.6) Total Adjusted OIBDA $ 126.0  $ 122.2  $ 192.5  $ 182.4  Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Operating income (loss): U.S. Media $ 95.9  $ (420.9) $ 132.4  $ (387.6) Other 156.9  3.2  157.8  0.9  Corporate (23.7) (20.5) (47.1) (41.3) Total operating income (loss) $ 229.1  $ (438.2) $ 243.1  $ (428.0) Net gain (loss) on dispositions: U.S. Media $ 0.1  $ (0.1) $ 0.2  $ 0.2  Other (155.3) —  (155.3) —  Total gain (loss) on dispositions $ (155.2) $ (0.1) $ (155.1) $ 0.2  Impairment charges (a)(b): U.S. Media $ 8.8  $ 511.4  $ 17.9  $ 511.4  Total impairment charges $ 8.8  $ 511.4  $ 17.9  $ 511.4  Depreciation and amortization: U.S. Media $ 35.7  $ 37.7  $ 71.8  $ 76.2  Other —  3.5  —  6.9  Total depreciation and amortization $ 35.7  $ 41.2  $ 71.8  $ 83.1  Capital expenditures: U.S. Media $ 18.5  $ 19.6  $ 36.1  $ 41.6  Other 5.4  2.7  6.2  3.3  Total capital expenditures $ 23.9  $ 22.3  $ 42.3  $ 44.9  (a)In 2024, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit (see Note 4. Intangible Assets). (b)In 2023, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit (see Note 4. Intangible Assets) and an other-than-temporary decline in fair value of a cost-method investment. As of (in millions) June 30, 2024 December 31, 2023 Assets: U.S. Media $ 5,194.6  $ 5,297.2  Other(a) 12.3  259.7  Corporate 45.3  26.0  Total assets $ 5,252.2  $ 5,582.9  (a)As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.) As of (in millions) June 30, 2024 December 31, 2023 Long-lived assets(a): United States $ 4,891.3  $ 4,962.6  Canada(b) —  214.3  Total assets $ 4,891.3  $ 5,176.9  (a)Reflects total assets less current assets, investments and non-current deferred tax assets. (b)As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 176.8	$ (478.9)	[1]	$ 149.6	$ (507.8)	[1]
[1] In 2024, Net income available for common stockholders for the calculation of diluted EPS.

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.2.u1

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of estimates	The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

v3.24.2.u1

Intangible Assets (Policies)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, and franchise agreements, which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals.

v3.24.2.u1

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives June 30, 2024 December 31, 2023 Land $ 110.2  $ 110.1  Buildings 15 to 35 years 46.7  42.7  Advertising structures 3 to 20 years 1,738.1  1,716.2  Furniture, equipment and other 3 to 10 years 181.1  173.9  Construction in progress 36.1  39.5  2,112.2  2,082.4  Less: Accumulated depreciation 1,455.6  1,424.6  Property and equipment, net $ 656.6  $ 657.8

v3.24.2.u1

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Impairment Net As of June 30, 2024: Permits and leasehold agreements $ 1,540.3  $ (921.2) $ —  $ 619.1  Franchise agreements(a) 953.7  (432.1) (485.8) 35.8  Other intangible assets 19.4  (8.1) —  11.3  Total intangible assets $ 2,513.4  $ (1,361.4) $ (485.8) $ 666.2  As of December 31, 2023: Permits and leasehold agreements $ 1,535.5  $ (893.8) $ —  $ 641.7  Franchise agreements(a) 934.8  (426.4) (467.9) 40.5  Other intangible assets 19.5  (6.3) —  13.2  Total intangible assets $ 2,489.8  $ (1,326.5) $ (467.9) $ 695.4  (a)We reclassified all Prepaid MTA equipment deployment costs (see Note 16. Commitments and Contingencies) and recorded impairments in the second, third and fourth quarters of 2023, as well as the first and second quarters of 2024, due to the long-term outlook of our U.S. Transit and Other reporting unit.

v3.24.2.u1

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Operating lease assets and liabilities, lessee	The following table presents our operating lease assets and liabilities: As of (in millions, except years and percentages) June 30, 2024 December 31, 2023 Operating lease assets $ 1,550.9  $ 1,591.9  Short-term operating lease liabilities 181.7  180.9  Non-current operating lease liabilities 1,382.9  1,417.4  Weighted-average remaining lease term 10.8 years 10.9 years Weighted-average discount rate 6.3  % 6.2  %
Lease expenses, lessee	The components of our lease expenses were as follows: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Operating expenses(a) $ 121.8  $ 128.1  $ 243.0  $ 249.0  Selling, general and administrative expenses 4.0  3.2  7.9  6.3  Variable costs(a) 30.3  38.1  58.9  70.6  Cash paid for operating leases(b) 113.5  113.2  256.0  250.9  Leased assets obtained in exchange for new operating lease liabilities 45.1  83.9  105.6  256.0  (a)Includes an out-of-period adjustment of $5.2 million recorded in the first quarter of 2023 related to variable billboard property lease costs (see Note 1. Description of Business and Basis of Presentation). (b)Includes amounts related to Canada. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)

v3.24.2.u1

Asset Retirement Obligation (Tables)	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change in Asset Retirement Obligation	The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2023 $ 33.0  Accretion expense 1.5  Additions 0.2  Liabilities settled (1.1) Foreign currency translation adjustments (0.2) As of June 30, 2024 $ 33.4

v3.24.2.u1

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Debt, net, consists of the following: As of (in millions, except percentages) June 30, 2024 December 31, 2023 Short-term debt: AR Facility $ 30.0  $ 65.0  Total short-term debt 30.0  65.0  Long-term debt: Term loan, due 2026 399.4  598.9  Senior secured notes: 7.375% senior secured notes, due 2031 450.0  450.0  Senior unsecured notes: 5.000% senior unsecured notes, due 2027 650.0  650.0  4.250% senior unsecured notes, due 2029 500.0  500.0  4.625% senior unsecured notes, due 2030 500.0  500.0  Total senior unsecured notes 1,650.0  1,650.0  Debt issuance costs (19.2) (22.4) Total long-term debt, net 2,480.2  2,676.5  Total debt, net $ 2,510.2  $ 2,741.5  Weighted average cost of debt 5.6  % 5.7  %

v3.24.2.u1

Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenues by source: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Billboard: Static displays $ 243.5  $ 244.5  $ 466.3  $ 459.6  Digital displays 117.4  113.9  211.3  202.8  Other 12.5  13.2  24.6  29.8  Billboard revenues 373.4  371.6  702.2  692.2  Transit: Static displays 51.8  52.1  90.5  90.9  Digital displays 43.0  35.1  75.8  63.2  Other 9.0  8.1  16.9  14.6  Total transit revenues 103.8  95.3  183.2  168.7  Other 0.1  1.9  0.4  3.7  Transit and other revenues 103.9  97.2  183.6  172.4  Total revenues $ 477.3  $ 468.8  $ 885.8  $ 864.6
Revenue from External Customers by Geographic Areas	The following table summarizes revenues by geography: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 United States: Billboard $ 360.2  $ 352.2  $ 674.1  $ 658.3  Transit and other 100.7  90.8  176.4  161.1  Other 0.1  1.9  0.4  3.7  Total United States revenues 461.0  444.9  850.9  823.1  Canada 16.3  23.9  34.9  41.5  Total revenues $ 477.3  $ 468.8  $ 885.8  $ 864.6

v3.24.2.u1

Business Combinations and Asset Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Disclosure of Long-Lived Assets Held-for-Sale	The components of Assets held for sale and Liabilities held for sale, which were written off upon completion of the Transaction, were as follows: (in millions) As of June 7, 2024 As of December 31, 2023 Current assets: Receivables, less allowances $ 22.9  $ 26.7  Other current assets 9.3  7.9  Current assets held for sale 32.2  34.6  Property and equipment, net 44.7  39.9  Goodwill 22.2  22.9  Intangible assets 51.3  53.0  Operating lease assets 84.7  85.9  Other assets 11.9  12.6  Total assets held for sale $ 247.0  $ 248.9  Current liabilities held for sale $ 24.7  $ 24.1  Deferred income tax liabilities, net 13.7  15.5  Asset retirement obligation 4.9  5.0  Operating lease liabilities 69.4  70.4  Total liabilities held for sale $ 112.7  $ 115.0

v3.24.2.u1

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2024 and 2023. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 7.6  $ 7.9  $ 14.8  $ 15.7  Tax benefit (0.4) (0.1) (0.6) (0.5) Stock-based compensation expense, net of tax $ 7.2  $ 7.8  $ 14.2  $ 15.2
Activity of RSUs and PRSUs Issued to Our Employees	The following table summarizes activity for the six months ended June 30, 2024, of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2023 2,781,836  $ 21.10  Granted: RSUs 1,649,172  12.52  PRSUs 796,689  12.43  Vested: RSUs (965,084) 21.04  PRSUs (417,637) 22.06  Forfeitures: RSUs (77,316) 14.91  PRSUs (196,486) 18.66  Non-vested as of June 30, 2024 3,571,174  15.37

v3.24.2.u1

Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Components of net periodic pension cost: Interest cost $ 0.2  $ 0.5  $ 0.5  $ 1.1  Expected return on plan assets (0.2) (0.7) (0.6) (1.4) Net periodic pension cost $ —  $ (0.2) $ (0.1) $ (0.3)

v3.24.2.u1

Earnings Per Share ("EPS") (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net income (loss) available for common stockholders(a) $ 176.8  $ (478.9) $ 149.6  $ (507.8) Less: Distributions to holders of Series A Preferred Stock 2.2  2.2  4.4  4.4  Net income (loss) available for common stockholders, basic(b) $ 174.6  $ (481.1) $ 145.2  $ (512.2) Weighted average shares for basic EPS 165.9  165.0  165.7  164.8  Dilutive potential shares from grants of RSUs and PRSUs(c) 0.8  —  0.7  —  Dilutive potential shares issuable upon conversion of Series A Preferred Stock(d) 7.8  —  7.8  —  Weighted average shares for diluted EPS(c)(d) 174.5  165.0  174.2  164.8  (a)In 2024, Net income available for common stockholders for the calculation of diluted EPS. (b)In 2023, Net loss available for common stockholders for the calculation of both basic and diluted EPS. (c)The potential impact of 0.9 million granted RSUs and PRSUs in the three months ended June 30, 2024, 2.5 million granted RSUs and PRSUs in the three months ended June 30, 2023, 1.0 million granted RSUs and PRSUs in the six months ended June 30, 2024, and 2.1 million granted RSUs and PRSUs in the six months ended June 30, 2023, were antidilutive. (d)The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three and six months ended June 30, 2023, were antidilutive.

v3.24.2.u1

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
MTA agreement schedule	(in millions) Beginning Balance Deployment Costs Incurred Recoupment/MTA Funding Amortization/Impairment Reclassification Ending Balance Six months ended June 30, 2024: Other current assets $ 1.1  $ —  $ —  $ —  $ —  $ 1.1  Intangible assets (franchise agreements) —  17.9  —  (17.9) —  —  Total $ 1.1  $ 17.9  $ —  $ (17.9) $ —  $ 1.1  Year ended December 31, 2023: Prepaid MTA equipment deployment costs $ 363.2  $ 21.8  $ —  $ —  $ (385.0) $ —  Other current assets 1.6  (0.4) (0.1) —  —  1.1  Intangible assets (franchise agreements) 62.0  22.3  —  (469.3) 385.0  —  Total $ 426.8  $ 43.7  $ (0.1) $ (469.3) $ —  $ 1.1

v3.24.2.u1

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following tables set forth our financial performance by segment. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Revenues: U.S. Media $ 460.9  $ 443.0  $ 850.5  $ 819.4  Other 16.4  25.8  35.3  45.2  Total revenues $ 477.3  $ 468.8  $ 885.8  $ 864.6
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income	Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Net income (loss) before allocation to non-controlling interests $ 177.0  $ (478.4) $ 149.9  $ (507.1) Provision for income taxes 11.1  0.4  10.6  0.8  Equity in earnings of investee companies, net of tax (0.2) 0.3  —  1.1  Interest expense, net 41.1  39.7  82.5  77.4  Loss on extinguishment of debt 1.2  —  1.2  —  Other income, net (1.1) (0.2) (1.1) (0.2) Operating income (loss) 229.1  (438.2) 243.1  (428.0) Net (gain) loss on dispositions (155.2) (0.1) (155.1) 0.2  Impairment charges 8.8  511.4  17.9  511.4  Depreciation and amortization 35.7  41.2  71.8  83.1  Stock-based compensation 7.6  7.9  14.8  15.7  Total Adjusted OIBDA $ 126.0  $ 122.2  $ 192.5  $ 182.4  Adjusted OIBDA: U.S. Media $ 140.5  $ 128.1  $ 222.3  $ 200.2  Other 1.6  6.7  2.5  7.8  Corporate (16.1) (12.6) (32.3) (25.6) Total Adjusted OIBDA $ 126.0  $ 122.2  $ 192.5  $ 182.4
Tabular Disclosure by Reportable Segments	Three Months Ended Six Months Ended June 30, June 30, (in millions) 2024 2023 2024 2023 Operating income (loss): U.S. Media $ 95.9  $ (420.9) $ 132.4  $ (387.6) Other 156.9  3.2  157.8  0.9  Corporate (23.7) (20.5) (47.1) (41.3) Total operating income (loss) $ 229.1  $ (438.2) $ 243.1  $ (428.0) Net gain (loss) on dispositions: U.S. Media $ 0.1  $ (0.1) $ 0.2  $ 0.2  Other (155.3) —  (155.3) —  Total gain (loss) on dispositions $ (155.2) $ (0.1) $ (155.1) $ 0.2  Impairment charges (a)(b): U.S. Media $ 8.8  $ 511.4  $ 17.9  $ 511.4  Total impairment charges $ 8.8  $ 511.4  $ 17.9  $ 511.4  Depreciation and amortization: U.S. Media $ 35.7  $ 37.7  $ 71.8  $ 76.2  Other —  3.5  —  6.9  Total depreciation and amortization $ 35.7  $ 41.2  $ 71.8  $ 83.1  Capital expenditures: U.S. Media $ 18.5  $ 19.6  $ 36.1  $ 41.6  Other 5.4  2.7  6.2  3.3  Total capital expenditures $ 23.9  $ 22.3  $ 42.3  $ 44.9  (a)In 2024, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit (see Note 4. Intangible Assets). (b)In 2023, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit (see Note 4. Intangible Assets) and an other-than-temporary decline in fair value of a cost-method investment.
Reconciliation of Assets from Segment to Consolidated	As of (in millions) June 30, 2024 December 31, 2023 Assets: U.S. Media $ 5,194.6  $ 5,297.2  Other(a) 12.3  259.7  Corporate 45.3  26.0  Total assets $ 5,252.2  $ 5,582.9  (a)As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)
Long-Lived Assets by Geographic Areas	As of (in millions) June 30, 2024 December 31, 2023 Long-lived assets(a): United States $ 4,891.3  $ 4,962.6  Canada(b) —  214.3  Total assets $ 4,891.3  $ 5,176.9  (a)Reflects total assets less current assets, investments and non-current deferred tax assets. (b)As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)

v3.24.2.u1

Description of Business and Basis of Presentation - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) segment markets	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of largest domestic markets in which the entity operates | markets				25
Approximate number of markets in which the entity operates | markets				120
Number of operating segments | segment				1
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating | $	$ 239.8	$ 245.9		$ 478.5	$ 481.4
Out-of-period adjustment			For the three months ended March 31, 2023, the Company recorded an out-of-period adjustment relating to variable billboard property lease costs and accrued lease and franchise costs in 2022, resulting in a $5.2 million increase in Operating expenses for the three months ended March 31, 2023. The Company assessed the materiality of the amount reflected in this adjustment on its previously issued financial statements in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements
Immaterial Error Correction
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating | $			$ 5.2

v3.24.2.u1

Property and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property and Equipment [Line Items]
Property and equipment	$ 2,112.2	$ 2,082.4
Less: Accumulated depreciation	1,455.6	1,424.6
Property and equipment, net	656.6	657.8
Land
Property and Equipment [Line Items]
Property and equipment	110.2	110.1
Buildings
Property and Equipment [Line Items]
Property and equipment	$ 46.7	$ 42.7
Buildings | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	15 years	15 years
Buildings | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	35 years	35 years
Advertising structures
Property and Equipment [Line Items]
Property and equipment	$ 1,738.1	$ 1,716.2
Advertising structures | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	3 years	3 years
Advertising structures | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	20 years	20 years
Furniture, equipment and other
Property and Equipment [Line Items]
Property and equipment	$ 181.1	$ 173.9
Furniture, equipment and other | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	3 years	3 years
Furniture, equipment and other | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	10 years	10 years
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 36.1	$ 39.5

v3.24.2.u1

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 18.4	$ 19.7	$ 36.9	$ 39.8

v3.24.2.u1

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross		$ 2,513.4	$ 2,489.8
Accumulated amortization		(1,361.4)	(1,326.5)
Impairment		(485.8)	(467.9)
Intangible assets		666.2	695.4
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross		1,540.3	1,535.5
Accumulated amortization		(921.2)	(893.8)
Intangible assets		619.1	641.7
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross		953.7	934.8
Accumulated amortization		(432.1)	(426.4)
Impairment		(485.8)	(467.9)
Intangible assets	[1]	35.8	40.5
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross		19.4	19.5
Accumulated amortization		(8.1)	(6.3)
Intangible assets		$ 11.3	$ 13.2
[1] We reclassified all Prepaid MTA equipment deployment costs (see Note 16. Commitments and Contingencies) and recorded impairments in the second, third and fourth quarters of 2023, as well as the first and second quarters of 2024, due to the long-term outlook of our U.S. Transit and Other reporting unit.

v3.24.2.u1

Intangible Assets - Narrative (Details) - Intangible Assets $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Displays	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Displays	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross	$ 2,513.4		$ 2,513.4		$ 2,489.8
Amortization	17.3	$ 21.5	34.9	$ 43.3
Impairment charges	$ 8.8	511.4	$ 17.9	511.4
Metropolitan Transportation Authority ("MTA")
Finite-Lived Intangible Assets [Line Items]
Impairment charges		$ 443.1		$ 443.1
Series of Individually Immaterial Asset Acquisitions
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	14 years 7 months 6 days		14 years 7 months 6 days
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,540.3		$ 1,540.3		$ 1,535.5
Permits and leasehold agreements | Series of Individually Immaterial Asset Acquisitions
Finite-Lived Intangible Assets [Line Items]
Gross	$ 5.2		$ 5.2
Permits and leasehold agreements | Static and Digital Displays | Series of Individually Immaterial Asset Acquisitions
Finite-Lived Intangible Assets [Line Items]
Approximate number of displays acquired | Displays	4		4

v3.24.2.u1

Lease assets and liabilities, lessee (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 1,550.9	$ 1,591.9
Short-term operating lease liabilities	181.7	180.9
Non-current operating lease liabilities	$ 1,382.9	$ 1,417.4
Weighted-average remaining lease term	10 years 9 months 18 days	10 years 10 months 24 days
Weighted-average discount rate	6.30%	6.20%

v3.24.2.u1

Lease expenses (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Variable lease costs		$ 30.3	$ 38.1		$ 58.9	$ 70.6	[1]
Cash paid for operating leases	[2]	113.5	113.2		256.0	250.9
Leased assets obtained in exchange for new operating lease liabilities		45.1	83.9		105.6	256.0
Operating		239.8	245.9		478.5	481.4
Immaterial Error Correction
Lessee, Lease, Description [Line Items]
Variable lease costs				$ 5.2
Operating				$ 5.2
Operating expense
Lessee, Lease, Description [Line Items]
Operating lease expenses		121.8	128.1		243.0	249.0	[1]
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Operating lease expenses		$ 4.0	$ 3.2		$ 7.9	$ 6.3
[1] Includes an out-of-period adjustment of $5.2 million recorded in the first quarter of 2023 related to variable billboard property lease costs [2] Includes amounts related to Canada.

v3.24.2.u1

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Rental income	$ 345.8	$ 349.3	$ 649.9	$ 647.7

v3.24.2.u1

Asset Retirement Obligation - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, expected term	50 years
Asset retirement obligations, description	The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years.

v3.24.2.u1

Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
As of December 31, 2023	$ 33.0
Accretion expense	1.5
Additions	0.2
Liabilities settled	(1.1)
Foreign currency translation adjustments	(0.2)
As of June 30, 2024	$ 33.4

v3.24.2.u1

Related Party Transactions - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) joint_venture Displays	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) joint_venture Displays	Jun. 30, 2023 USD ($)		Jan. 18, 2033 USD ($)	Dec. 31, 2023 USD ($)	Jan. 18, 2023 USD ($)
Related Party Transaction [Line Items]
Operating lease assets	$ 1,550.9		$ 1,550.9				$ 1,591.9
Short-term operating lease liabilities	181.7		181.7				180.9
Operating lease liabilities	1,382.9		1,382.9				1,417.4
Billboard	373.4	$ 371.6	702.2	$ 692.2
Management fee revenue	1.2	1.4	2.2	2.4
Other Assets
Related Party Transaction [Line Items]
Equity method investments	7.8		7.8				$ 8.2
Minimum | 2 Times Square And 1600 Broadway
Related Party Transaction [Line Items]
Lessee, Operating Lease, Liability to be Paid Annually								$ 1.8
Maximum | 2 Times Square And 1600 Broadway | Forecast
Related Party Transaction [Line Items]
Lessee, Operating Lease, Liability to be Paid Annually						$ 3.5
Operating expense
Related Party Transaction [Line Items]
Operating lease expenses	$ 121.8	128.1	$ 243.0	249.0	[1]
LA Joint Venture
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Transit shelter joint ventures
Related Party Transaction [Line Items]
Equity method investment, number of investments | joint_venture	1		1
Acquired businesses
Related Party Transaction [Line Items]
Equity method investment, number of investments | joint_venture	2		2
Equity method investment, number of displays | Displays	7		7
Beneficial Owner
Related Party Transaction [Line Items]
Operating lease term (lessee)								10 years
Lessee, Operating Lease, Liability to be Paid Annually Years One Through Five								$ 8.5
Lessee, Operating Lease, Liability To Be Paid Annually, Years Six Through Ten								12.0
Lessee, Operating Lease, Liability To Be Paid, Year Five								10.0
Operating lease assets	$ 89.0		$ 89.0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease assets		Operating lease assets
Short-term operating lease liabilities	$ 4.0		$ 4.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Short-term operating lease liabilities		Short-term operating lease liabilities
Operating lease liabilities	$ 91.1		$ 91.1
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities		Operating lease liabilities
Beneficial Owner | Minimum
Related Party Transaction [Line Items]
Total operating lease payments								22.0
Beneficial Owner | Maximum
Related Party Transaction [Line Items]
Total operating lease payments								$ 100.0
Beneficial Owner | Operating expense
Related Party Transaction [Line Items]
Operating lease expenses	$ 2.8	2.6	$ 6.3	4.9
Beneficial Owner | Revenues
Related Party Transaction [Line Items]
Billboard	$ 2.4	$ 1.9	$ 5.2	$ 3.8
[1] Includes an out-of-period adjustment of $5.2 million recorded in the first quarter of 2023 related to variable billboard property lease costs

v3.24.2.u1

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term debt	$ 30.0	$ 65.0
Long-term debt, net	2,480.2	2,676.5
Total debt, net	$ 2,510.2	$ 2,741.5
Weighted average cost of debt	5.60%	5.70%
Term loan, due 2026
Debt Instrument [Line Items]
Maturity date	Nov. 18, 2026
Term loan, due 2026 | Secured debt
Debt Instrument [Line Items]
Long-term debt, net	$ 399.4	$ 598.9
Maturity date	Nov. 18, 2026	Nov. 18, 2026
5.000% senior unsecured notes, due 2027 | Senior unsecured notes
Debt Instrument [Line Items]
Debt interest rate percentage	5.00%	5.00%
Maturity date	Aug. 15, 2027	Aug. 15, 2027
4.250% senior unsecured notes, due 2029 | Senior unsecured notes
Debt Instrument [Line Items]
Debt interest rate percentage	4.25%	4.25%
Maturity date	Jan. 15, 2029	Jan. 15, 2029
4.625% senior unsecured notes, due 2030 | Senior unsecured notes
Debt Instrument [Line Items]
Debt interest rate percentage	4.625%	4.625%
Maturity date	Mar. 15, 2030	Mar. 15, 2030
7.375% senior secured notes, due 2031 | Secured debt
Debt Instrument [Line Items]
Debt interest rate percentage	7.375%	7.375%
Maturity date	Feb. 15, 2031	Feb. 15, 2031
Short-term debt | AR Facility
Debt Instrument [Line Items]
Credit facility, outstanding amount	$ 30.0	$ 65.0
Long-term debt
Debt Instrument [Line Items]
Debt issuance costs	(19.2)	(22.4)
Long-term debt | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	1,650.0	1,650.0
Long-term debt | 5.000% senior unsecured notes, due 2027 | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	650.0	650.0
Long-term debt | 4.250% senior unsecured notes, due 2029 | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	500.0	500.0
Long-term debt | 4.625% senior unsecured notes, due 2030 | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	500.0	500.0
Long-term debt | 7.375% senior secured notes, due 2031 | Secured debt
Debt Instrument [Line Items]
Long-term debt, net	$ 450.0	$ 450.0

v3.24.2.u1

Debt - Narrative (Details) - Debt Instruments $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt Covenant, covenant description				The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0.
Debt Covenant, Restricted cash limit	$ 150.0	$ 150.0		$ 150.0
Debt Covenant, maximum consolidated total leverage ratio				6.0
Consolidated total leverage ratio				5.0
Deferred financing costs	23.8	23.8		$ 23.8
Repayments of long-term debt borrowings				200.0	$ 0.0
Loss on extinguishment of debt		(1.2)	$ 0.0	(1.2)	$ 0.0
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt at fair value	$ 2,500.0	$ 2,500.0		$ 2,500.0		$ 2,700.0
Term loan, due 2026
Debt Instrument [Line Items]
Maturity date				Nov. 18, 2026
Secured debt | Term loan, due 2026
Debt Instrument [Line Items]
Interest rate at period end	7.10%	7.10%		7.10%
Unamortized debt discount	$ 0.6	$ 0.6		$ 0.6
Maturity date				Nov. 18, 2026		Nov. 18, 2026
Repayments of long-term debt borrowings	$ 200.0
Revolving credit facility
Debt Instrument [Line Items]
Debt Covenant, maximum consolidated net secured leverage ratio, REIT Election				4.5
Net secured leverage ratio				1.6

v3.24.2.u1

Debt - Narrative (Details) - Line of Credit Facility - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Aug. 07, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Repayments of Lines of Credit					$ 130,000,000.0	$ 0
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 500,000,000.0	$ 500,000,000.0		500,000,000.0
Commitment fee for unused commitments			500,000	$ 400,000	$ 1,000,000	800,000
Credit facility, expiration date					Jun. 15, 2028
Revolving credit facility | Long-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount		0	0		$ 0
Letter of credit sublimit to revolving credit facility
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount		6,300,000	6,300,000		6,300,000
Letter of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		81,000,000.0	81,000,000.0		81,000,000.0
Letters of credit outstanding, amount		67,300,000	67,300,000		67,300,000
AR Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 150,000,000	150,000,000		150,000,000
Commitment fee for unused commitments					100,000	$ 100,000
Credit facility, expiration date		Jun. 14, 2027
AR Facility | Subsequent event
Line of Credit Facility [Line Items]
Repayments of Lines of Credit	$ 30,000,000.0
AR Facility | Short-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount		$ 30,000,000.0	30,000,000.0		30,000,000.0		$ 65,000,000.0
Line of credit facility, remaining borrowing capacity		$ 120,000,000.0	$ 120,000,000.0		$ 120,000,000.0
Borrowing rate		6.60%	6.60%		6.60%
AR securitization facilities | Maximum
Line of Credit Facility [Line Items]
Debt instrument, collateral amount		$ 314,600,000	$ 314,600,000		$ 314,600,000

v3.24.2.u1

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		6 Months Ended
	Sep. 27, 2024	Sep. 06, 2024	Aug. 06, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Nov. 21, 2017
Class of Stock [Line Items]
Common stock authorized (shares)				450,000,000		450,000,000			450,000,000.0
Common stock, par value per share ($ per share)				$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock issued (shares)				165,979,058		165,979,058			165,100,000
Common stock outstanding (shares)				165,979,058		165,979,058			165,100,000
Preferred stock authorized (shares)				50,000,000		50,000,000			50,000,000.0
Preferred stock, par value per share ($ per share)				$ 0.01		$ 0.01
Series A Preferred Stock issued (shares)				125,000		125,000			100,000
Series A Preferred Stock outstanding (shares)				125,000		125,000			100,000
Series A Preferred Stock, par value per share ($ per share)				$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Series A Preferred Stock dividend rate (%)				7.00%	7.00%	7.00%	7.00%
Dividend period						12 months
Series A Preferred Stock terms of conversion						The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends.
Series A Preferred Stock, conversion price ($ per share)				$ 16.00		$ 16.00
Series A Preferred Stock, Common shares issuable (shares)				62.50		62.50
Dividends paid						$ 104.4	$ 103.7
Dividends declared per common share ($ per share)				$ 0.30	$ 0.30	$ 0.60	$ 0.60
Subsequent event
Class of Stock [Line Items]
Dividends declared per common share ($ per share)			$ 0.30
Subsequent event | Ordinary Dividend
Class of Stock [Line Items]
Dividends payable, date declared			Aug. 06, 2024
Dividends payable, date to be paid	Sep. 27, 2024
Dividends payable, date of record		Sep. 06, 2024
Maximum
Class of Stock [Line Items]
Dividend Percentage In Excess Of Required Distributions For A REIT						5.00%
At-The-Market Equity Offering Program
Class of Stock [Line Items]
ATM Program, authorized amount outstanding				$ 232.5		$ 232.5						$ 300.0
Shares issued under the ATM Program (shares)						0
Series A Preferred Stock
Class of Stock [Line Items]
Series A Preferred Stock, Common shares issuable (shares)				7,800,000		7,800,000
Dividends paid				$ 2.2		$ 4.4

v3.24.2.u1

Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Billboard	$ 373.4	$ 371.6	$ 702.2	$ 692.2
Transit	103.9	97.2	183.6	172.4
Revenues	477.3	468.8	885.8	864.6
Static displays
Disaggregation of Revenue [Line Items]
Billboard	243.5	244.5	466.3	459.6
Transit	51.8	52.1	90.5	90.9
Digital displays
Disaggregation of Revenue [Line Items]
Billboard	117.4	113.9	211.3	202.8
Transit	43.0	35.1	75.8	63.2
Other
Disaggregation of Revenue [Line Items]
Billboard	12.5	13.2	24.6	29.8
Transit	9.0	8.1	16.9	14.6
Transit
Disaggregation of Revenue [Line Items]
Transit	103.8	95.3	183.2	168.7
Other Revenues
Disaggregation of Revenue [Line Items]
Transit	$ 0.1	$ 1.9	$ 0.4	$ 3.7

v3.24.2.u1

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Rental income	$ 345.8	$ 349.3	$ 649.9	$ 647.7

v3.24.2.u1

Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Billboard	$ 373.4	$ 371.6	$ 702.2	$ 692.2
Transit and other	103.9	97.2	183.6	172.4
Revenues	477.3	468.8	885.8	864.6
United States
Disaggregation of Revenue [Line Items]
Billboard	360.2	352.2	674.1	658.3
Revenues	461.0	444.9	850.9	823.1
Canada
Disaggregation of Revenue [Line Items]
Revenues	16.3	23.9	34.9	41.5
Transit and other
Disaggregation of Revenue [Line Items]
Transit and other	103.8	95.3	183.2	168.7
Transit and other | United States
Disaggregation of Revenue [Line Items]
Transit and other	100.7	90.8	176.4	161.1
Other Revenues
Disaggregation of Revenue [Line Items]
Transit and other	0.1	1.9	0.4	3.7
Other Revenues | United States
Disaggregation of Revenue [Line Items]
Transit and other	$ 0.1	$ 1.9	$ 0.4	$ 3.7

v3.24.2.u1

Acquisitions and Dispositions - Narrative (Details) $ in Millions, $ in Millions		6 Months Ended
	Jun. 07, 2024 CAD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Acquisitions		$ 7.6	$ 27.4
Net proceeds from dispositions		$ 309.4	$ 0.2
Canadian Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Net proceeds from dispositions	$ 410.0

v3.24.2.u1

Acquisitions and Dispositions (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 07, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivable, less allowances	$ 274.5		$ 287.6
Other current assets	12.9		15.7
Current assets held for sale	0.0	$ 32.2	34.6
Property and equipment, net	656.6		657.8
Goodwill	2,006.4		2,006.4
Intangible assets	666.2		695.4
Operating lease assets	1,550.9		1,591.9
Other assets	19.1		19.5
Total assets held for sale		247.0	248.9
Current liabilities held for sale	0.0	24.7	24.1
Asset retirement obligation	33.4		33.0
Operating lease liabilities	$ 1,382.9		1,417.4
Total liabilities held for sale		112.7	115.0
Canadian Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivable, less allowances		22.9	26.7
Other current assets		9.3	7.9
Property and equipment, net		44.7	39.9
Goodwill		22.2	22.9
Intangible assets		51.3	53.0
Operating lease assets		84.7	85.9
Other assets		11.9	12.6
Deferred income tax liabilities, net		13.7	15.5
Asset retirement obligation		4.9	5.0
Operating lease liabilities		$ 69.4	$ 70.4

v3.24.2.u1

Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit	$ (0.4)	$ (0.1)	$ (0.6)	$ (0.5)
Stock-based compensation expense, net of tax	7.2	7.8	14.2	15.2
Restricted Stock Units and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expenses, before income taxes	$ 7.6	$ 7.9	$ 14.8	$ 15.7

v3.24.2.u1

Stock-Based Compensation - Narrative (Details) - Restricted Stock Units and Performance Restricted Stock Units $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested RSUs and PSUs	$ 41.0
Expected recognition period for non-vested RSUs and PSUs	1 year 10 months 24 days

v3.24.2.u1

Stock-Based Compensation - Schedule of Unvested Restricted Stock Units and Performance Restricted Stock Units Roll Forward (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units and Performance Restricted Stock Units
RSUs and PRSUs, Nonvested, Number of Shares
Non-vested as of December 31, 2023 (shares) | shares	2,781,836
Non-vested as of June 30, 2024 (shares) | shares	3,571,174
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Non-Vested, as of December 31, 2023 ($ per share) | $ / shares	$ 21.10
Weighted Average Grant Date Fair Value, Non-Vested, as of June 30, 2024 ($ per share) | $ / shares	$ 15.37
Restricted Stock Units (RSUs)
RSUs and PRSUs, Nonvested, Number of Shares
Granted (shares) | shares	1,649,172
Vested (shares) | shares	(965,084)
Forfeitures (shares) | shares	(77,316)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares	$ 12.52
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares	21.04
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares	$ 14.91
Performance Restricted Stock Units (PRSUs)
RSUs and PRSUs, Nonvested, Number of Shares
Granted (shares) | shares	796,689
Vested (shares) | shares	(417,637)
Forfeitures (shares) | shares	(196,486)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares	$ 12.43
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares	22.06
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares	$ 18.66

v3.24.2.u1

Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 0.2	$ 0.5	$ 0.5	$ 1.1
Expected return on plan assets	(0.2)	(0.7)	(0.6)	(1.4)
Net periodic pension cost	$ 0.0	$ (0.2)	$ (0.1)	$ (0.3)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other comprehensive income	Other comprehensive income

v3.24.2.u1

Retirement Benefits - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Retirement Benefits [Abstract]
Pension contributions	$ 200,000
Expected employer contributions for remainder of the year	$ 0

v3.24.2.u1

Income Taxes - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Minimum
Operating Loss Carryforwards [Line Items]
Open tax year	2020

v3.24.2.u1

Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available for common stockholders, diluted	[1]	$ 176.8				$ 149.6
Net loss available for common stockholders		176.8		$ (478.9)	[1]	149.6		$ (507.8)	[1]
Dividends						104.4		103.7
Net income (loss) available for common stockholders, basic	[2]	$ 174.6		(481.1)		$ 145.2		(512.2)
Net loss available for common stockholders, diluted	[2]			$ (481.1)				$ (512.2)
Weighted average number of shares for basic EPS (shares)		165.9		165.0		165.7		164.8
Dilutive potential shares from grants of RSUs and PRSUs (shares)		0.8	[3]	0.0		0.7	[3]	0.0
Dilutive potential shares from common stock issuable upon conversion of the Series A Preferred Stock (shares)		7.8	[4]	0.0		7.8	[4]	0.0
Weighted average number of shares for diluted EPS (shares)	[3],[4]	174.5		165.0		174.2		164.8
Series A Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dividends		$ 2.2		$ 2.2		$ 4.4		$ 4.4
Stock compensation plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)		0.9		2.5		1.0		2.1
Series A Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)				7.8				7.8
[1] In 2024, Net income available for common stockholders for the calculation of diluted EPS. [2] In 2023, Net loss available for common stockholders for the calculation of both basic and diluted EPS [3] The potential impact of 0.9 million granted RSUs and PRSUs in the three months ended June 30, 2024, 2.5 million granted RSUs and PRSUs in the three months ended June 30, 2023, 1.0 million granted RSUs and PRSUs in the six months ended June 30, 2024, and 2.1 million granted RSUs and PRSUs in the six months ended June 30, 2023, were antidilutive. [4] The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three and six months ended June 30, 2023, were antidilutive.

v3.24.2.u1

Commitment and Contingencies - Narrative (Details)			3 Months Ended		6 Months Ended		7 Months Ended	60 Months Ended	80 Months Ended
	Jul. 29, 2021 Displays	Jul. 28, 2021	Jun. 30, 2024 USD ($) Displays	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Displays	Jun. 30, 2023 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2026	Apr. 01, 2028 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
MTA equipment deployment costs			$ 1,100,000		$ 1,100,000					$ 1,100,000	$ 426,800,000
Equipment Deployment Costs Percentage							30.00%
Recoupment					0
Impairment charges			8,800,000	$ 511,400,000	17,900,000	$ 511,400,000
Standalone letters of credit and sublimit to revolving credit facility
Other Commitments [Line Items]
Letters of credit outstanding, amount			73,600,000		73,600,000
Surety Bond
Other Commitments [Line Items]
Surety bonds outstanding			$ 172,500,000		$ 172,500,000
MTA Agreement
Other Commitments [Line Items]
Contract term	13 years	10 years
Contract term extension option	5 years
MTA Agreement | Subsequent event
Other Commitments [Line Items]
Revenue share percentage								65.00%
Additional equipment deployment cost percentage									2.50%
Metropolitan Transportation Authority ("MTA")
Other Commitments [Line Items]
Impairment charges				$ 443,100,000		$ 443,100,000
Metropolitan Transportation Authority ("MTA")
Other Commitments [Line Items]
Equipment Deployment Costs Percentage							70.00%
Maximum | MTA Agreement | Subsequent event
Other Commitments [Line Items]
Decrease in revenue percentage									5.00%
Maximum | Metropolitan Transportation Authority ("MTA")
Other Commitments [Line Items]
MTA equipment deployment costs							$ 50,700,000
Minimum | Subsequent event
Other Commitments [Line Items]
Recoupment									$ 0
MTA digital advertising screens on subway and train platforms
Other Commitments [Line Items]
Number of displays | Displays	5,433		5,004		5,004
MTA smaller-format digital advertising screens rolling stock
Other Commitments [Line Items]
Number of displays | Displays	15,896		13,430		13,430
MTA communication displays
Other Commitments [Line Items]
Number of displays | Displays	9,283		5,537		5,537
MTA displays installed
Other Commitments [Line Items]
Number of displays | Displays			23,971		23,971
Number of display additions | Displays			1,776		4,274

v3.24.2.u1

Commitment and Contingencies MTA Agreement Schedule (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Change In MTA Deployment Costs [Roll Forward]
Prepaid MTA equipment deployment costs, beginning of period	$ 0.0	$ 363.2	$ 363.2
Other current assets, beginning of period	15.7
Intangible assets, gross, beginning of period	2,489.8
MTA deployment costs, beginning of period	1.1	426.8	426.8
MTA equipment development cost additions	17.9		43.7
Total recoupment and MTA funding			(0.1)
Increase (Decrease) reclassification to (from) Prepaid MTA equipment deployment costs	0.0	21.8
Prepaid MTA equipment deployment costs, end of period			0.0
Intangible assets, gross, end of period	2,513.4		2,489.8
Other current assets, end of period	12.9		15.7
MTA deployment costs, end of period	1.1		1.1
MTA equipment deployment costs
Change In MTA Deployment Costs [Roll Forward]
Other current assets, beginning of period	1.1	1.6	1.6
Deployment costs incurred			21.8
Other current assets	0.0		(0.4)
Amortization and impairment of intangible assets	(17.9)		(469.3)
Other current assets, end of period	1.1		1.1
MTA equipment deployment costs | Reclassification, Other
Change In MTA Deployment Costs [Roll Forward]
Increase (Decrease) reclassification to (from) Prepaid MTA equipment deployment costs			(385.0)
Increase (Decrease) reclassification to (from) intangible assets			385.0
MTA Funding
Change In MTA Deployment Costs [Roll Forward]
Other current assets			(0.1)
Franchise agreements
Change In MTA Deployment Costs [Roll Forward]
Intangible assets, gross, beginning of period	934.8
Intangible assets, gross, end of period	953.7		934.8
Franchise agreements | MTA equipment deployment costs
Change In MTA Deployment Costs [Roll Forward]
Intangible assets, gross, beginning of period	0.0	$ 62.0	62.0
Intangible asset additions	17.9		22.3
Amortization and impairment of intangible assets	(17.9)		(469.3)
Intangible assets, gross, end of period	$ 0.0		$ 0.0

v3.24.2.u1

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1

v3.24.2.u1

Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 477.3	$ 468.8	$ 885.8	$ 864.6
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Revenues	460.9	443.0	850.5	819.4
Operating segments | Other
Segment Reporting Information [Line Items]
Revenues	$ 16.4	$ 25.8	$ 35.3	$ 45.2

v3.24.2.u1

Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023
Segment Reporting Information [Line Items]
Net income (loss) before allocation to non-controlling interests	$ 177.0		$ (478.4)		$ 149.9		$ (507.1)
Provision for income taxes	11.1		0.4		10.6		0.8
Equity in earnings of investee companies, net of tax	(0.2)		0.3		0.0		1.1
Interest expense, net	41.1		39.7		82.5		77.4
Loss on extinguishment of debt	1.2		0.0		1.2		0.0
Other income, net	(1.1)		(0.2)		(1.1)		(0.2)
Operating income (loss)	229.1		(438.2)		243.1		(428.0)
Net (gain) loss on dispositions	(155.2)		(0.1)		(155.1)		0.2
Impairment charges	8.8		511.4		17.9		511.4
Depreciation and amortization	35.7		41.2		71.8		83.1
Stock-based compensation	7.6		7.9		14.8		15.7
Adjusted OIBDA	126.0		122.2		192.5		182.4
Capital expenditures					42.3		44.9
Operating segments
Segment Reporting Information [Line Items]
Operating income (loss)	229.1		(438.2)		243.1		(428.0)
Net (gain) loss on dispositions	(155.2)		(0.1)		(155.1)		0.2
Impairment charges	8.8		511.4		17.9		511.4
Depreciation and amortization	35.7		41.2		71.8		83.1
Capital expenditures	23.9		22.3		42.3		44.9
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Operating income (loss)	95.9		(420.9)		132.4		(387.6)
Net (gain) loss on dispositions	0.1		(0.1)		0.2		0.2
Impairment charges	8.8	[1]	511.4	[2]	17.9	[1]	511.4	[2]
Depreciation and amortization	35.7		37.7		71.8		76.2
Adjusted OIBDA	140.5		128.1		222.3		200.2
Capital expenditures	18.5		19.6		36.1		41.6
Operating segments | Other
Segment Reporting Information [Line Items]
Operating income (loss)	156.9		3.2		157.8		0.9
Net (gain) loss on dispositions	(155.3)		0.0		(155.3)		0.0
Depreciation and amortization	0.0		3.5		0.0		6.9
Adjusted OIBDA	1.6		6.7		2.5		7.8
Capital expenditures	5.4		2.7		6.2		3.3
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	(23.7)		(20.5)		(47.1)		(41.3)
Adjusted OIBDA	$ (16.1)		$ (12.6)		$ (32.3)		$ (25.6)
[1] In 2024, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit [2] In 2023, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit (see Note 4. Intangible Assets) and an other-than-temporary decline in fair value of a cost-method investment.

v3.24.2.u1

Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets		$ 5,252.2	$ 5,582.9
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Total assets		5,194.6	5,297.2
Operating segments | Other
Segment Reporting Information [Line Items]
Total assets	[1]	12.3	259.7
Corporate
Segment Reporting Information [Line Items]
Total assets		$ 45.3	$ 26.0
[1] As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position.

v3.24.2.u1

Segment Information - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Long-Lived Assets	[1]	$ 4,891.3	$ 5,176.9
United States
Segment Reporting Information [Line Items]
Long-Lived Assets	[1]	4,891.3	4,962.6
Canada
Segment Reporting Information [Line Items]
Long-Lived Assets	[1],[2]	$ 0.0	$ 214.3
[1] Reflects total assets less current assets, investments and non-current deferred tax assets. [2] As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position.

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