CBS Outdoor sold to US private equity business

CBS Corporation has announced that Platinum Equity, a private equity firm based in Los Angeles, has made an irrevocable binding offer to acquire the assets of CBS Outdoor International.

The proposed transaction represents a total value of approximately £149.2 million and is subject to completion of works council consultation and other conditions.

“This was a complex carve out that required real collaboration between buyer and seller with a strong emphasis on quality of execution,” said Tom Gores, chairman and CEO of Platinum Equity.

“We are fortunate to have developed a great relationship with CBS throughout this process. With our international reach and operational resources we can move quickly to complete a seamless transition and create real value in this business.”

CBS corporation president and chief executive officer Leslie Moonves said that the move 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,” Moonves said.