Platinum Equity Makes Irrevocable Binding Offer of $225 Million for CBS Outdoor
LOS ANGELES, CA and NEW YORK, NY -- (Marketwired) -- 07/16/13 --
Platinum Equity and CBS Corporation (NYSE: CBS.A) (NYSE: CBS)
announced today that an affiliate of Platinum Equity has made an
irrevocable binding offer to acquire the assets of CBS Outdoor
International ("CBSO International"). The proposed transaction
represents a total value of approximately $225 million and is subject
to completion of works council consultation and other conditions.
CBSO International is a leading outdoor media company and is among
the largest out-of-home media and billboard businesses in Europe,
providing custom media solutions to outdoor advertising agencies and
direct clients in the United Kingdom, Ireland, France, Italy, the
Netherlands, Spain and China.
Platinum Equity Chairman and CEO Tom Gores said he is very pleased to
work with CBS on this transaction.
"This was a complex carve out that required real collaboration
between buyer and seller with a strong emphasis on quality of
execution," said Mr. Gores. "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
CBS Corporation President and Chief Executive Officer Leslie Moonves
said: "Today's news 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."
Bastian Lueken, the head of Platinum Equity's European M&A team who
is leading the proposed transaction, noted CBSO International has
many strengths that make it an attractive opportunity for Platinum
"CBSO International is a well-established brand with valuable media
assets and broad reach throughout Europe," said Mr. Lueken. "We look
forward to rolling up our sleeves and working toward new levels of
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a
global M&A&O(R) firm specializing in the merger, acquisition and
operation of companies that provide services and solutions to
customers in a broad range of business markets, including information
technology, telecommunications, logistics, metals services,
manufacturing and distribution. Since its founding in 1995 by Tom
Gores, Platinum Equity has completed more than 150 acquisitions.
About CBS Corporation
CBS Corporation (NYSE: CBS.A) (NYSE: CBS) is a
mass media company that creates and distributes industry-leading
content across a variety of platforms to audiences around the world.
The Company has businesses with origins that date back to the dawn of
the broadcasting age as well as new ventures that operate on the
leading edge of media. CBS owns the most-watched television network
in the U.S. and one of the world's largest libraries of entertainment
content, making its brand -- "the Eye" -- one of the most recognized
in business. The Company's operations span virtually every field of
media and entertainment, including cable, publishing, radio, local
TV, film, outdoor advertising, and interactive and socially
responsible media. CBS's businesses include CBS Television Network,
The CW (a joint venture between CBS Corporation and Warner Bros.
Entertainment), Showtime Networks, CBS Sports Network, TVGN (a joint
venture between CBS Corporation and Lionsgate), Smithsonian Networks,
Simon & Schuster, CBS Television Stations, CBS Radio, CBS Outdoor,
CBS Television Studios, CBS Global Distribution Group (CBS Studios
International and CBS Television Distribution), CBS Interactive, CBS
Consumer Products, CBS Home Entertainment, CBS Films and CBS
EcoMedia. For more information, go to www.cbscorporation.com.
Press spacebar to pause and continue. Press esc to stop.