CBS shares are up 1.6% while CBS Outdoor Americas — the billboard company that the broadcaster spun off earlier this month — is up 6% following the ruling. It means that CBS can save a bundle on taxes later this year when it unloads the 81% interest it still has in the outdoor business. “CBS Outdoor’s conversion into a REIT will unlock its true value, and the completion of our Outdoor initiatives will enhance our ability to return capital to our shareholders,” CEO Les Moonves says. “We’re very pleased with the way CBS Outdoor has launched as a public company, and with this favorable IRS ruling, we look forward to great success in the future.”
IRS Says CBS Can Convert Billboard Business Into Real Estate Investment Trust
What's Hot on Deadline
Alec Baldwin Asks Whether Donald Trump's 'SNL' Tweet Is "A Threat To My Safety And That Of My Family?"
Writers Guild Awards 2019: 'Eighth Grade' & 'Can You Ever Forgive Me?' Take Top Prizes - Full Winners List
Oscars Last Call: Queen's Brian May & Roger Taylor On Rami Malek's Morph Into Freddie Mercury In 'Bohemian Rhapsody'
Latest Business News
- Colin Kaepernick May Soon Sign With An NFL Team: Mark Geragos
- The Film Academy’s Annual Report Shows Assets Way Up, But Bond Proceeds Going Fast
- James Dahl Dies: Filmmaker For ‘The End Of The Tour’ Was 40
- 50 Cent Threatened By NYPD Commander: “Shoot Him On Sight”
- Sundance's 'Fighting With My Family' Slugs A Winning Open; '2019 Oscar Shorts' Strong: Specialty Box Office
- SNL: Don Cheadle Tweaks Trump With A Hockey Jersey