CBS expands global outdoor reach

LONDON - US media conglomerate CBS Corporation has expanded its presence in the global outdoor market by acquiring South American company International Outdoor Advertising Group (IOA) for $110m.

IOA has more than 17,000 advertising sites in Argentina, Brazil, Chile and Uruguay, claiming to reach more than two-thirds of the continent's population

CBS Outdoor, owned by CBS Corporation, operates throughout the UK, providing ads for clients in locations including the London Underground, Buses, National Rail and Docklands Light Railway.

Leslie Moonves, CBS Corporation president and chief executive, said IOA would significantly increase the size of its international outdoor business.

Worldwide, CBS Outdoor reported a strong performance in 2007, with revenue for the fourth quarter increasing 7% to $618.6m, led by an 18% increase in Europe and Asia, which was driven principally by growth in the UK market.

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