CBS said it will convert its CBS Outdoors Americas business...
CBS said it will convert its CBS Outdoors Americas business into a real estate investment trust (REIT) and plan to sell its outdoor businesses in Europe and Asia. “We have studied the benefits of converting our Americas operations into a…
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REIT and we are increasingly enthusiastic that this transaction -- as well as the sale of our businesses in Europe and Asia -- will achieve significant value for shareholders,” CEO Leslie Moonves said. CBS said it will seek a private letter ruling from the Internal Revenue Service, which if granted could lead to the completion of the REIT conversion in 2014.