|By Marketwired .||
|October 1, 2013 01:04 PM EDT||
LONDON -- (Marketwired) -- 10/01/13 -- Platinum Equity and CBS Corporation (NYSE: CBS.A) (NYSE: 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) (NYSE: 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.