×
You will be redirected back to your article in seconds

CBS to Sell International Outdoor Ad Unit to Platinum Equity

Private equity firm offers $225 mil for assets in Europe and China

CBS Corp. has reached an agreement to sell its international outdoor advertising business to Platinum Equity for $225 million.

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.

More Biz

  • National Enquirer - Jeff Bezos

    Hudson Media CEO James Cohen Purchases the National Enquirer

    Hudson Media’s CEO James Cohen announced Thursday that he will purchase the National Enquirer as well as American Media’s other tabloids, the Globe and the National Examiner. With the purchase of the National Enquirer, which Cohen reportedly bought for $100 million, he plans to strengthen their collaborative efforts, documentary shows, weekly podcasts, and theme parks. [...]

  • Amazon

    Amazon Music’s Free Tier Is More Advertising Play Than Spotify Killer, Analysts Say

    When news began to spread last week that Amazon Music’s long-anticipated free streaming tier was imminent, headlines emerged about its threat to Spotify and Apple Music, with some stories saying that Spotify’s stock price dropped in response to the news. But not only was today’s launch of the free tier basically a soft one — [...]

  • Nicki MinajCFDA Vogue Fashion Fund Dinner,

    Nicki Minaj Parts Ways With Longtime Managers (EXCLUSIVE)

    Nicki Minaj has parted ways with Gee Roberson and Cortez Bryant and Blueprint/ Maverick Management, a source close to the situation confirms to Variety. She had worked with the pair for the majority of her career. The source says the decision was mutual and amicable, and there was no specific reason for the split, adding [...]

  • Amazon

    Amazon Music Launches Free Streaming Tier, Through Alexa Only (for Now)

    Amazon Music today basically soft-launched its free streaming tier, in which U.S. customers of its Alexa voice assistant will have access to top Amazon Music playlists and thousands of stations, at no cost. The limited access that the new free service provides — it’s only available through Alexa, and when the listener requests a song, [...]

  • Donald Glover and Adidas Launch Short

    Donald Glover and Adidas Launch Partnership With New Shoes and Short Films (Watch)

    Donald Glover and Adidas Originals today announced Donald Glover Presents, a creative partnership that unveiled a new line of shoes and a series of brief — and very funny — films to accompany them. (Watch them below.) Donald Glover Presents reimagines threeAadidas styles, the Nizza, the Continental 80, and the Lacombe. The shoes feature uneven [...]

  • Kodak Black Arrested at Border on

    Kodak Black Arrested at Border on Gun and Drug Charges

    Rapper Kodak Black and three other people were arrested after they allegedly attempted to cross the U.S.-Canada border with guns and marijuana, officials told NBC News on Thursday. The 21-year-old rapper missed concerts at the House of Blues in Boston on Wednesday night after he was stopped at the Lewiston-Queenston International Bridge near Buffalo hours [...]

More From Our Brands

Access exclusive content