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.
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.
Our take:
CBS has been moving very aggressively in the outdoor and out-of-home spaces recently, most notably (in our industry) with the purchase of SignStorey and formation of the CBS Outernet. As one of the "big three" outdoor players (along with Clear Channel and Lamar in the US, or Clear Channel and JC Decaux in the rest of the world), they're clearly working hard to maximize the value of their existing assets as well as capitalize on the recent trend of throwing more money at non-traditional advertising media like digital signs.
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