CBS Corporation Acquires International Outdoor Advertising Group (IOA) for $110 Million in Cash

CBS Corporation Acquires International Outdoor Advertising Group (IOA) for $110 Million in Cash

Leading Outdoor Advertising Company in South America Has Over 17,000 Advertising Faces in Argentina, Brazil, Chile and Uruguay

NEW YORK, April 24 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE:CBS)(NYSE:and)(NYSE:CBS.A) has acquired International Outdoor Advertising Group (IOA), the leading out-of-home advertising company in South America with more than 17,000 advertising faces in Argentina, Brazil, Chile and Uruguay, for $110 million in cash, it was announced today by Leslie Moonves, President and CEO of CBS Corporation, and Clive Punter, President and CEO of CBS Outdoor International, which encompasses Europe, Asia and now South America.

The four countries in which IOA operates comprise more than two-thirds of the continent's population, GDP and advertising-spending growth, and offer CBS Corporation an entry point and leadership position into the fast-growing South American market.

"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," Moonves said. "As an established, locally-managed asset with both breadth and scale in Latin America, IOA is a great complement to our outdoor billboard businesses in Mexico and Spain. What's more, it gives us yet another opportunity to deepen CBS's international footprint into a new continent."

"We see a lot of potential to expand and grow IOA's billboard business," said Punter. "We continue to apply best practices from across our international operations to improve each of our locally managed businesses. I'm pleased that Leslie and CBS have afforded us the opportunity to include IOA into our growing portfolio of international assets. IOA will greatly increase the size of the business by adding not only scale but opportunities for leveraging existing business within the group."

IOA CEO Jack Sabaj will continue to manage the business. He will report to Antonio Alonso, Chief Development Officer for CBS Outdoor International and previous general manager of CBS Outdoor in Spain.

"This is a great day for IOA," said Sabaj. "The combination of CBS's operational know-how and available resources will greatly help our ability to grow in South America's key markets. We're very much looking forward to joining the CBS family."

"Jack and his team have established a strong business. Their local knowledge combined with Antonio's expertise of creating a winning model for building international brands in Spain - will make a formidable team for CBS as we enter this new continent," added Punter.

About CBS Corporation

CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW - a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products), video/DVD (CBS Home Entertainment), in-store media (CBS Outernet) and motion pictures (CBS Films). For more information, log on to www.cbscorporation.com.

First Call Analyst:
FCMN Contact: KJorgensen@cbs.com

Source: CBS Corp.

CONTACT: Dana McClintock, +1-212-975-1077, dlmcclintock@cbs.com

Web site:

http://www.cbscorporation.com/

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