4 Things About Link Media Revealed in Boston Omaha's Filings

Insights into the billboard company's business model and growth strategy.

Apr. 3, 2026 at 7:05am

Got story updates? Submit your updates here. ›

A photorealistic studio still life featuring a stack of financial reports, a calculator, and a pen arranged elegantly on a clean white background, conveying the abstract concepts of corporate strategy and financial analysis.A minimalist still life captures the analytical rigor behind Boston Omaha's strategic insights into its billboard subsidiary Link Media.Boston Today

According to an analysis by SignValue, Boston Omaha's 2025 10-K and annual letter provided four key insights into Link Media, the billboard company owned by Boston Omaha. These include that Link is not a REIT, its billboard plant is more similar to Lamar than OUTFRONT, it likes to purchase the land under its billboards, and it has achieved strong scale economies.

Why it matters

Link Media is a significant part of Boston Omaha's portfolio, so understanding its business model and growth strategy is important for investors. The insights reveal Link's focus on maximizing cash flow and intrinsic value rather than dividends, as well as its operational similarities and differences compared to other major billboard companies.

The details

The key details from the analysis are: 1) Link is not a dividend-paying REIT like Lamar or OUTFRONT, with Boston Omaha's chairman preferring to reinvest cash to drive capital gains; 2) Link's billboard plant looks more like Lamar's roadside billboards in suburban and rural areas, with lower lease costs and revenue per face; 3) Link likes to purchase the land and easements under the billboards it owns, which Boston Omaha believes adds value; and 4) Link has achieved strong scale economies, with revenues growing faster than expenses for 6 consecutive years, expanding its cash flow margin from 26.6% in 2020 to 39.2% in 2025.

  • Boston Omaha released its 2025 10-K and annual letter in early 2026.
  • Link Media has achieved 6 consecutive years of faster revenue growth than expense growth as of 2025.

The players

Boston Omaha

A diversified holding company that owns Link Media, a billboard advertising company.

Link Media

A billboard advertising company owned by Boston Omaha that operates mostly roadside billboards in suburban and rural areas.

Adam Peterson

The chairman of Boston Omaha, who believes in the Warren Buffett approach of reinvesting cash to create capital gains rather than paying dividends.

Got photos? Submit your photos here. ›

What they’re saying

“We do not intend to pay dividends for the foreseeable future, and our stockholders will not be guaranteed, or have contracts or other rights, to receive dividends.”

— Boston Omaha, From 2025 10-K

“...additional investment returns to BOC came in the form of Link sending dividends to BOC throughout the year, that were partially used to retire our common stock, which over time could lead to more material gains for shareholders in terms of a intrinsic value per share.”

— Boston Omaha, From 2025 Annual Letter

What’s next

SignValue plans to continue monitoring Boston Omaha's filings and Link Media's performance to track the company's growth strategy and capital allocation decisions.

The takeaway

Link Media's focus on maximizing cash flow and intrinsic value rather than dividends, its operational similarities and differences to peers, and its ability to achieve strong scale economies provide insights into Boston Omaha's diversified holding company model and its approach to creating long-term shareholder value.