The broadcaster will divest itself in an exchange offer that will complete a planned spin-off. The move follows CBS Outdoor’s initial public offering in April, which helped the company raise more than $550 million.
CBS Outdoor, which was focused on billboards, electronic displays and other outdoor advertising, will become a real estate investment trust following the split.
“We fully believe that CBS Outdoor will continue to be successful as a stand-alone company,” Leslie Moonves, president and chief executive officer of CBS Corporation, said in a statement. “And for our part, CBS Corporation can focus on what we do best, which is invest, produce and distribute premium content across all platforms and all around the world.”
CBS said the exchange offer will be tax free to its shareholders.