CBS Outdoor Americas Inc. yesterday filed plans for an initial public offering of up to $100 million in common stock as the outdoor advertising company looks to raise funds to repay debt and for corporate purposes.
The company is indirectly owned by CBS Corp. (CBS), which plans to dispose of all of the CBS Outdoor shares it indirectly will own after the IPO by means of a tax-free split-off. The media company in January said it had begun converting its outdoor advertising operating segment in the Americas to a real estate investment trust and would also divest the segment’s business in Europe and Asia.
The company’s portfolio primarily consists of 332,600 displays in the United States and approximately 27,900 displays across Canada and Latin America, predominantly located in major metropolitan areas and along high-traffic expressways and major commuting routes. As of March 31, 2013.
The company didn’t disclose which stock exchange it plans to list its shares on or a proposed symbol.