An investor group led by private equity firm I Squared Capital has abandoned its pursuit of Ströer SE & Co.'s core advertising business, according to sources familiar with the matter. This development signals a potential shift in valuation expectations for out-of-home (OOH) advertising assets. Ströer, a major German media group, operates a vast network of digital billboards and street furniture advertising.

The withdrawal of a major bidder like I Squared could impact Ströer's strategic options and stock valuation. For the OOH industry, this move may reflect tighter financing conditions or concerns over future ad spend in a digital-first market. Investors will now watch for alternative suitors or potential internal restructuring plans from Ströer as it navigates a competitive media landscape.