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
and 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
http://www.cbscorporation.com.
SOURCE CBS Corp.
 back to top
Related links:
http://www.cbscorporation.com
http://www.prnewswire.com/comp/185007.html /
CONTACT:
Dana McClintock, +1-212-975-1077,
dlmcclintock@cbs.com
|
