CBS Acquires Int’l Outdoor Advertising Group

CBS is bulking up its international footprint in out-of-home, announcing Thursday it has acquired International Outdoor Advertising Group, the leading out-of-home company in South America, for $110 million cash. The deal expands CBS Outdoor’s presence in Latin America, adding more than 17,000 advertising faces in in Argentina, Brazil, Chile and Uruguay.

Jack Sabaj, CEO of IOA will continue to manage the business, reporting to Antonio Alonso, chief development officer for CBS Outdoor International and previous 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 the hottest and most promising marketplaces,” said Les Moonves, president and CEO of CBS. “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. IOA will greatly increase the size of the business by adding not only scale but opportunities for leveraging existing business within the group.”

Last year, CBS Outdoor revenue 4 percent to $2.19 billion, driven by the company’s international business.