Jun
11
CBS to Sell CBS Outdoor Stake, Paving Way for Expansion at Outdoor Company
Posted in: Uncategorized
CBS Corp. took the final step in the spinoff of its billboard business following CBS Outdoor Americas’ initial public offering in March, with a plan to fully divest its 81% ownership.
The exchange offer is expected to be tax-free for shareholders in the U.S., New York-based CBS, owner of the most-watched TV network, said today in a statement.
After the split, CBS Outdoor intends to convert into a real estate investment trust, or REIT. In March, the company raised $560 million in an IPO and said the proceeds would help complete the conversion. At the time, CBS Outdoor CEO Jeremy Male said the company would seek to buy smaller U.S. billboard companies.
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