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.”
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.