CBS-owned outdoor advertising business CBS International is being bought by Platinum Equity LLC. The purchase price is “about” $225 million, and covers the non-American portion of the business. The business has been up for sale since January.
The assets cover CBS International’s loss-making advertising contract on London’s Underground subway system. CBS International – which many will remember as the ‘Viacom’ branded billboard and outdoor advertising positions – operates mainly in the UK, Ireland, France, Italy, the Netherlands, Spain and China.
CBS itself says that the cash gained from the sale will be used to buy back its own shares, according to a statement made in June by CFO Joe Ianniello.
“Today’s news represents a key strategic milestone for CBS,” CBS CEO Leslie Moonves. “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.”