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Lamar did rapid consolidation in the late 90's to 05. After buying out companies they would have all previous owners sign lengthy non competes. They would then work with city governement and encourage new sign laws. By the time non competes expired, building new signs was next to impossible. As a result, in medium size markets, they typically own at least 90% market share and can dictate rates. Since the 08 bust, they quite acquiring competitors and to continue revenue growth for shareholders, they put all capital expenditures towards digital billboards. They began converting standard billboard faces to LED which allows up to 8 advertisers on the same sign face at 8 second intervals.