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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 Yorks 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 that we think will be significantly additive to our portfolio in the U.S. Male said there would be great upside in converting some of Van Wagner billboards to digital billboard technology. About 1.5 percent of CBS billboard are digital, about the same percentage as Van Wagners, and make up about 10 percent of CBS billboard revenue.

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