Deals
CBS Outdoor Seeks to Buy Small Rivals After $560 Million IPO
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CBS Outdoor Americas Inc. will seek to buy smaller U.S. billboard companies following its $560 million initial public offering, ramping up competition with Lamar Advertising Co. and Clear Channel Outdoor Holdings Inc.
CBS Outdoor gained 5.4 percent to $29.50 at the close in New York, after selling 20 million shares at $28 each, according to a statement yesterday. That was the high end of the $26 to $28 range. Parent CBS Corp., getting the bulk of the proceeds, continues to own 83 percent after the sale, filings show.