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CBS Corp. to sell its outdoor unit
Yesterday CBS Corp. said that an associate of private equity company Platinum Equity prepared a binding offer to buy CBS Outdoor International. The deal is said to be valued at around US$225 million.
The firms involved in the transaction said that the proposed deal for the CBS Outdoor International is still subject to conditions. CBS Outdoor International is CBS Corp.'s outdoor unit and is centered on Europe but the unit also includes a small-scale Asian business portfolio. CBS Corp. had in the past said it wanted to sell portions of its outdoor business.
CBS Corp., under the deal, would still continue to possess the Canadian and U.S. outdoor units. CBS Corp had also stated that these North American units will soon be transferred into a real estate investment trust.
"Today's news represents a key strategic milestone for CBS. 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 outdoor properties," CEO and president of CBS Corp. Leslie Moonves said.