CBS To Divest Ownership In Outdoor

CBS has announced plans to fully divest its 81% ownership in CBS Outdoor Americas Inc. through an exchange offer that is expected to be tax-free for participating shareholders in the U.S.

The exchange offer is anticipated to be the final step in the separation of CBS Outdoor following its initial public offering in April. Upon the split-off, CBS Outdoor intends to convert into a real estate investment trust.

"We are very pleased to be taking this step toward completing our strategic transaction," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "We fully believe that CBS Outdoor will continue to be successful as a stand-alone company. And for our part, CBS Corporation can focus on what we do best, which is invest, produce and distribute premium content across all platforms and all around the world."

"CBS has been a great owner for many years, but as a wholly independent company, we believe we can take CBS Outdoor to new heights," said Jeremy Male, Chief Executive Officer, CBS Outdoor. "Our expected REIT conversion is an opportunity to create additional long-term value for our shareholders. We're very excited about our future."