CBS Corp. to Sell International Outdoor Unit to Private Equity Firm in $225 Million Deal
"We are very pleased to announce that we will achieve very good value for these outdoor properties," says CBS Corp. CEO Leslie Moonves.
CBS Corp. said Tuesday that that an affiliate of private equity firm Platinum Equity has made a binding offer to acquire CBS Outdoor International in a deal valued at about $225 million.
The proposed transaction for the outdoor unit, which is focused on Europe and also has a small Asian business, is subject to "completion of works council consultation and other conditions," the firms said. CBS Corp. had previously said it was looking to sell that portion of its outdoor business.
The company will continue to own the U.S. and Canadian outdoor businesses, which it has said will be transferred into a real estate investment trust, or REIT, in the future.
Said CBS Corp. president and CEO Leslie Moonves: "Today's news represents a key strategic milestone for CBS. 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."