CBS said it received an irrevocable binding offer to acquire
the assets of CBS Outdoor International for $225 million from Platinum Equity.
The sale would give CBS more resources for its programming
businesses. The company is also looking to spin off its domestic outdoor
advertising business as a real estate trust.
"Today's news represents a key strategic milestone for
CBS," CBS Corp. president and CEO Les Moonves said in a statement. "As we
continue to focus our company around creating and distributing premium content,
we are very pleased to announce that we will achieve very good value for these
CBSO International is among the largest out-of-home media
and billboard businesses in Europe. It does business in the United Kingdom,
Ireland, France, Italy, the Netherlands, Spain and China.
Bastian Lueken, the head of Platinum Equity's European
M&A team who is leading the proposed transaction, said CBSO International
has many strengths that make it an attractive opportunity for Platinum Equity.
International is a well-established brand with valuable media assets and broad
reach throughout Europe," said Lueken. "We look forward to rolling up
our sleeves and working toward new levels of success."