CBS Acquires South American Out-of-Home Ad Company

NEW YORK, April 24: CBS
Corporation has acquired International Outdoor Advertising Group (IOA), a
leading out-of-home advertising company in South America, for $110 million in
cash.

International Outdoor
Advertising Group (IOA) has more than 17,000 advertising faces in Argentina,
Brazil, Chile and Uruguay. The four countries in which IOA operates comprise
more than two-thirds of the continent's population, GDP and
advertising-spending growth. CBS Corporation hopes that the acquisition will
provide an entry point and a leadership position into the South American market.

IOA’s
CEO, Jack Sabaj, will continue to manage the business. He will report to
Antonio Alonso, the chief development officer for CBS Outdoor International and
former general manager of CBS Outdoor in Spain.

"Outdoor
has proven to be a high-growth business for CBS, and we're pleased to expand in
one of its hottest and most promising marketplaces," said Leslie Moonves,
the president and CEO of CBS Corporation. "As an established, locally
managed asset with both breadth and scale in Latin America, IOA is a great
complement to our outdoor billboard businesses in Mexico and Spain. What's
more, it gives us yet another opportunity to deepen CBS's international
footprint into a new continent."

"We see a lot of
potential to expand and grow IOA's billboard business," said Clive Punter,
the president and CEO of CBS Outdoor International, which encompasses Europe,
Asia and now South America. "We continue to apply best practices from
across our international operations to improve each of our locally managed
businesses. I'm pleased that Leslie and CBS have afforded us the opportunity to
include IOA into our growing portfolio of international assets. IOA will
greatly increase the size of the business by adding not only scale but
opportunities for leveraging existing business within the group."

—By Irene Lew