Platinum Equity makes irrevocable binding offer of $225 million for CBS Outdoor International
Los Angeles and New York (July 16, 2013) – Platinum Equity and CBS Corporation (NYSE: CBS.A and 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 business."
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 Equity.
"CBSO International is a well-established brand with valuable media assets and broadreach throughout Europe," said Mr. Lueken. "We look forward to rolling up our sleeves and working toward new levels of success."
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® 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 and 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.