CBS Corp. Targets $26-$28 Per-Share Price for Americas Outdoor Unit IPO
Company executives have said the IPO, which will lead to a long-planned separation, will raise money for stock buybacks.
CBS Corp. on Monday filed details of the long-planned IPO of its CBS Outdoor Americas unit and said it would launch a road show for investors.
The company plans to offer 20 million shares in the outdoor advertising arm for $26-$28 each. The stock is expected to trade on the New York Stock Exchange under ticker symbol CBSO.
After the IPO, CBS Corp., led by CEO Leslie Moonves, will own approximately 83 percent of CBSO, or approximately 81 percent if the IPO underwriters exercise their option to purchase additional shares in full.
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The company has previously said that it plans to divest its shares through a tax-free split-off, and CBSO then plans to convert into a real estate investment trust later this year.
CBS executives have said IPO proceeds could go toward CBS stock buybacks.
In October, CBS sold off its European and Asian outdoor ad businesses to private equity firm Platinum Equity for $225 million.
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