CBS acquires billboard firm

Expands into South American markets

CBS Corp. has acquired South American billboard firm International Outdoor Advertising Group for $110 million, expanding one of its fastest-growing businesses.

"Outdoor has proven to be a high-growth business for CBS, and we're pleased to expand in one of its hottest and most promising marketplaces," CBS Corp. president and CEO Leslie Moonves said.

IOA operates in Argentina, Brazil, Chile and Uruguay. Those countries make up more than two-thirds of the continent's population, GDP and advertising-spending growth, according to the company.

CBS Corp. also sells billboard ad space in Europe and Asia.