CBS Corp. has agreed to sell its overseas outdoor ad business to Tom Gores' Platinum Equity for $225 million.
CBS will retain its US and Canada billboard operations and convert them into a Real Estate Investment Trust, a tool for lowering taxes.
CBS chief Les Moonves said the deal will allow the company to focus on its core content business. The proceeds from the overseas sale will be used to repurchase shares.
catkinson@nypost.com
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