Related: CBS Unveils Exchange Offer To Divest U.S. Outdoor Operation

This is the last part of the long-running effort to separate the entertainment company from its billboard business. CBS spun off the operation — CBS Outdoor Americas — in March, but still owns 81% of the publicly traded company. The plan announced this morning will unload that by giving CBS stockholders an incentive…

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…

The outdoor advertising unit of CBS Corp said today that its initial public offering of 20 million shares will be priced at $28 per. With about 17% of the outstanding shares being offered, that values the company at about $3.36 billion. Trading in CBS Outdoor Americas Inc is expected tomorrow on the NYSE under the…

CBS took another step toward becoming a pure content company today by agreeing to sell CBS Outdoor International for about $225M to Platinum Equity. The private equity firm’s irrevocable binding offer is “a key strategic milestone for CBS” that represents “very good value” says company chief Les Moonves. He said in Jan…

The company’s stock is up about 10.3% this morning, to $41.86 — an all time high — as the smart money bets that CBS will repurchase shares after it carries out the complicated plan announced last night to restructure its billboard ad sales operation. But some wonder whether CEO Les Moonves will use the proceeds to…

Shares are up 8.3% in after-hours trading following the announcement. Investors have long wanted CBS Corp to do something with the billboard unit, which didn’t seem to fit at a company focused on entertainment and news. CEO Les Moonves says he’s “enthusiastic” that the decision to turn the U.S. operation into a Real…

Clear Channel Outdoor Holdings is considering buying CBS’ billboard division, a deal that would boost sales at CCO by nearly two-thirds. A person familiar with the matter told Bloomberg that CBS was approached by bankers interested in finding buyers for the billboard unit and agreed to listen to proposals. "Everyone…

Bankers are sniffing around for a deal that could provide CBS with anywhere from $4B to $6B according to reports in the Wall Street Journal and Bloomberg. The company is positioning itself in the catbird seat. It has signaled that it’s willing to listen to offers, but isn’t proactively soliciting them. "There's…