For months we’ve been hearing from Les Moonves about CBS’s (CBS) stash of “dry powder” for acquisitions. Most have speculated that this means a meaningful Internet acquisition. Nope! At least not today.
CBS bought another billboard company, International Outdoor Advertising Group, for $110 million. This is one area of super-old media that is working for CBS, and has some technological upside, as CBS converts billboards to digital. And since this company is dominant in Latin America, it helps CBS diversify its business overseas, away from the increasingly dismal U.S. ad market.
CBS’s outdoor advertising business is its fastest-growing segment with revenue up 7% in Q4 (compared to broadcast TV, down 4%) and international is the fastest-growing piece, up 18% in Europe and Asia during the quarter.
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