London (October 1, 2013) – Platinum Equity
and CBS Corporation (NYSE: CBS.A and CBS) announced today that an affiliate of
Platinum Equity has acquired the assets of CBS Outdoor International (“CBSO
International”), which is among the largest
out-of-home media and billboard businesses in Europe. The transaction was first announced in July
when Platinum Equity made an irrevocable binding offer to acquire the assets.
CBSO International CEO Antonio Alonso said he looks forward to the next
step in the company’s evolution.
“The CBS Outdoor International team has worked incredibly hard in recent
years to create a business that has generated growth in a challenging market
and reshaped CBS’s European and Asian Outdoor assets into a much improved
company that is well-positioned for future success,” said Mr. Alonso. “We are
excited for this new chapter and feel that Platinum Equity provides the tools
we will need to achieve our potential in the years to come.”
CBSO International provides custom media solutions to outdoor advertising
agencies and direct clients in the United Kingdom, Ireland, France, Italy, the
Netherlands, Spain and China.
Platinum
Equity’s European investment team headed by Bastian Lueken in London led the
acquisition. He said Platinum Equity’s European investment and operating
capabilities were keys to getting the deal done and will benefit CBSO
International going forward.
"We have a strong team in London with a lot of experience, and our
portfolio includes companies with pan-European operations,” said Mr. Lueken.
“Our goal is to partner with the management team and help elevate CBSO
International to new heights through hard work and customer focus. We will also
continue looking for ways to grow the business organically and through
complementary add-on investments.”
A team that includes Platinum Equity
in-house operations specialists is focused on transitioning the newly acquired
business. A rebranding initiative is underway and a new corporate name and
image will be announced as that process unfolds.
About Platinum Equity
Platinum
Equity (www.platinumequity.com) is a global M&A&O® firm specializing in
the merger, acquisition and operation of companies that provide services and
solutions to customers in a broad range of business markets, including
information technology, telecommunications, logistics, metals services,
manufacturing and distribution. Since its founding in 1995 by Tom Gores,
Platinum Equity has completed more than 150 acquisitions. The firm recently completed raising Platinum Equity Capital Partners III, a
$3.75 billion buyout fund focused on investing in businesses that can benefit
from Platinum Equity’s operational expertise.
About CBS Corporation
CBS Corporation (NYSE: CBS.A and CBS) is a
mass media company that creates and distributes industry-leading content across
a variety of platforms to audiences around the world. The Company has
businesses with origins that date back to the dawn of the broadcasting age as
well as new ventures that operate on the leading edge of media. CBS owns the
most-watched television network in the U.S. and one of the world’s largest
libraries of entertainment content, making its brand – “the Eye” – one of the
most recognized in business. The Company’s operations span virtually every
field of media and entertainment, including cable, publishing, radio, local TV,
film, outdoor advertising, and interactive and socially responsible media.
CBS’s businesses include CBS Television Network, The CW (a joint venture
between CBS Corporation and Warner Bros. Entertainment), Showtime Networks, CBS
Sports Network, TVGN (a joint venture between CBS Corporation and Lionsgate),
Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio,
CBS Outdoor, CBS Television Studios, CBS Global Distribution Group (CBS Studios International and CBS Television
Distribution), CBS Interactive, CBS Consumer Products, CBS Home
Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com.
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