Private equity firm offers $225 mil for assets in Europe and China
Neither company has signed on the dotted line, but Platinum’s offer for the biz is binding.
CBS has a sizable domestic outdoor advertising business as well, and is a leading retailer for digital transit, billboard and transit systems. CBSO International is one of the largest out-of-home media and billboard businesses in Europe, operating in the United Kingdom, Ireland, France, Italy, the Netherlands, Spain and China.
CBS originally put the outdoor business up for sale last summer. It will retain its ownership of its domestic outdoor advertising business.
Pact was unveiled Tuesday by Platinum chief Tom Gores and CBS boss Leslie Moonves.
“This was a complex carve out that required real collaboration between buyer and seller with a strong emphasis on quality of execution,” said Gores. “We are fortunate to have developed a great relationship with CBS throughout this process. With our international reach and operational resources we can move quickly to complete a seamless transition and create real value in this business.”
Moonves called the deal a “key strategic milestone for CBS” that will allow the Eye to keep its focus on “creating and distributing premium content.” There’s continued speculation that CBS may shop its domestic outdoor ad assets in the near future.