Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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 September 30, 2025:
Permits and leasehold agreements	$	1,536.7	$	(971.1)	$	—	$	565.6
Franchise agreements(a)	904.2		(368.8)		(485.8)		49.6
Other intangible assets	18.1		(11.1)		—		7.0
Total intangible assets	$	2,459.0	$	(1,351.0)	$	(485.8)	$	622.2

As of December 31, 2024:
Permits and leasehold agreements	$	1,535.9	$	(935.7)	$	—	$	600.2
Franchise agreements(a)	888.8		(360.9)		(485.8)		42.1
Other intangible assets	19.5		(9.8)		—		9.7
Total intangible assets	$	2,444.2	$	(1,306.4)	$	(485.8)	$	652.0

(a)We reclassified all Prepaid MTA equipment deployment costs (see Note 17. Commitments and Contingencies) and recorded impairments in the first and second quarters of 2024, due to the long-term outlook of our Transit reporting unit.

In the nine months ended September 30, 2025, we acquired 12 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $8.3 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 18.1 years.

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $17.6 million in the three months ended September 30, 2025, $18.7 million in the three months ended September 30, 2024, $52.1 million in the nine months ended September 30, 2025, and $53.6 million in the nine months ended September 30, 2024.

As a result of negative aggregate undiscounted cash flow forecasts related to our New York Metropolitan Transportation Authority (the “MTA”) asset group, we performed quarterly impairment analyses on the MTA asset group during 2024 and recorded impairment charges of $17.9 million during the nine months ended September 30, 2024, representing additional MTA equipment deployment cost spending during the first six months of 2024. No impairment charges were recorded during the three and nine months ended September 30, 2025.