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CBS Outdoor spends $690 million

CBS Outdoor buys Van Wagner billboard unit for $690 million

CBS Outdoor Americas Inc said Monday it would buy the billboard business from Van Wagner Communications, a privately held company with outdoor advertising in New York's Times Square and on buses on the Las Vegas strip, for $690 million in cash.

The deal includes about 1,100 large-format billboards in 11 U.S. markets, which had total revenue of $206 million in 2013, CBS Outdoor said on Monday.
"It gives a tremendous boost to our assets," CBS Outdoor Chief Executive Officer Jeremy Male said in an interview, adding that the billboards are in "really iconic locations tha ...