CBS Buys South American International Outdoor Advertising Group

CBS bought the South American International Outdoor Advertising Group (IOA) for $110 million to expand its CBS Outdoor operations.

The group has more than 17,000 faces (billboards, buildings) in Argentina, Brazil, Chile and Uruguay.

"Outdoor has proven to be a high-growth business for CBS, and we're pleased to expand in one of its hottest and most promising marketplaces," CBS president Leslie Moonves said in announcing the deal.

IOA will continue to be run by its CEO, Jack Sabaj, according to CBS.

John Eggerton

Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.