Reginal Thomas
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CBS Outdoors Buys Van Wagner Billboard Business For $690 Million

CBS Outdoor Americas Inc. announced it is buying Van Wagner Communications' billboard business. The company has outdoor advertising in Times Square and on buses on found on the Las Vegas strip and was bought for $690 million in cash. In the deal CBS Outdoor Americas Inc. will get 1,100 large formatted billboards in 11 markets across the U.S., they had a revenue of $206 million in 2013. Jeremy Male, a Chief Executive for CBS Outdoor said, "It gives a tremendous boost to our assets" and also said, "really iconic locations that we think will be significantly additive to our portfolio in the U.S."