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CBS Outdoor buys billboards from Van Wagner for $690 million

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[July 21, 2014]  (Reuters) - CBS Outdoor Americas Inc said it would buy some outdoor advertising businesses from privately held U.S. billboard company Van Wagner Communications LLC for $690 million in cash.

The deal includes about 1,100 large-format billboard displays in 11 U.S. markets with total revenue of $206 million in 2013, CBS Outdoor said on Monday.

Reuters reported exclusively last week that Van Wagner was exploring a sale that could fetch more than $600 million.

CBS Outdoor, whose customers include Apple Inc, McDonald's Corp and Sony Corp, went public in late March.

The company has about 329,100 displays in the United States and about 26,100 displays across Canada and Latin America.

(Reporting by Abhirup Roy in Bangalore; Editing by Maju Samuel)

[ 2014 Thomson Reuters. All rights reserved.]

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