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CBS Buys South American International Outdoor Advertising Group

$110M Acquisition Will Expand CBS Outdoor

By John Eggerton -- Broadcasting & Cable, 4/24/2008 6:42:00 AM

CBS bought the South American International Outdoor Advertising Group (IOA) for $110 million to expand its CBS Outdoor operations.

The group has more than 17,000 faces (billboards, buildings) in Argentina, Brazil, Chile and Uruguay.

"Outdoor has proven to be a high-growth business for CBS, and we're pleased to expand in one of its hottest and most promising marketplaces," CBS president Leslie Moonves said in announcing the deal.

IOA will continue to be run by its CEO, Jack Sabaj, according to CBS.

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