CBS has formally launched the IPO process for its outdoor advertising unit.

As expected, the Eye said Monday it has filed a prospectus with the Securities and Exchange Commission that calls for it to sell 20 million shares in its domestic outdoor advertising unit. The IPO shares are expected to price between $26 and $28, trading on the New York Stock Exchange.

CBS will own about 81% of the company after the IPO, but it expects to divest those shares through a tax-free split off later this year. The company will then be converted into a real estate investment trust, CBS said.

The CBS Outdoor IPO proceeds will mostly be returned to CBS Corp., though some cash proceeds will be distributed to shareholders as part of the conversation to a REIT.

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