NEW YORK (AP) - CBS Corp. bought South American billboard advertiser
International Advertising Group for $110 million, the media company said
Thursday.
CBS, which sells billboard ad space in addition to its radio and television
operations, said the move "offers CBS an entry point and leadership position
into the fast-growing South American market."
IOA operates in Argentina, Brazil, Chile and Uruguay. Its chief executive,
Jack Sabaj, will continue to manage the business and report to the chief
development officer for CBS Outdoor's international unit.
CBS also sells billboard space in Europe and Asia.
Outdoor advertising has been one of the few bright spots for CBS in recent
quarters, as its radio and television units struggle. In the fourth quarter, the
unit had 19 percent higher earnings on a 7 percent gain in revenue, mostly from
international business.
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