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CBS Begins Conversion of Outdoor Americas Unit into REIT, to Pursue Divesting Asian, European Outdoor Segment

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CBS Corporation (NYSE: CBS) today announced a pair of strategic initiatives regarding its CBS Outdoor operating segment, which is comprised of two businesses -- one in the Americas and the other in Europe and Asia.

For the Outdoor Americas division, the Company has begun the process of converting the business into a real estate investment trust (REIT). For its Outdoor operations in Europe and Asia, the Company will pursue a divestiture of the business, which will be presented as a discontinued operation as of December 31, 2012.

"We believe the moves we are announcing today will unlock the tremendous value of these unique quality assets," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "We have studied the benefits of converting our Americas operations into a REIT, and we are increasingly enthusiastic that this transaction -- as well as the sale of our business in Europe and Asia -- will achieve significant value for our shareholders."

As part of CBS's plan to convert its Outdoor Americas division into a REIT, the Company will submit a request for a private letter ruling from the Internal Revenue Service during the first quarter of 2013. If the ruling is granted, the Company could complete the REIT conversion in the taxable year beginning in 2014. All of these actions are subject to customary approvals.

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