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CBS to divest itself of outdoor-ad business
CBS Corp. is divesting itself of its outdoor advertising business, which accounts for about 13% of its revenue. CBS Outdoor in the Americas will be converted into a real-estate investment trust, and the European and Asian units will be sold off, moves that could combine to bring in $5 billion. Chief executive Les Moonves hinted in the past that he considers CBS a content company and that outdoor was not a core asset.
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