Gannett to Sell Billboard Unit for $690 Million: Gannett Co. said it agreed to sell the unit to Outdoor Systems Inc. Included in the $690-million transaction is an option for Phoenix-based Outdoor Systems to buy Gannett's outdoor operations in Houston in a subsequent deal, Gannett said. Arlington, Va.-based Gannett is the largest billboard company in North America. Outdoor Systems, an outdoor advertising company, has about 12,700 displays in the South and Southwest. "The sale of our outdoor division provides an opportunity for Gannett to focus its attention on our core businesses," Gannett Chairman John Curley said.