CBS Outdoor acquires Van Wagner in $690m deal

Van Wagner, the outsize US poster company, has sold its billboard business to CBS Outdoor in a $690 million (£404 million) deal.

CBS Outdoor: acquires Van Wagner
CBS Outdoor: acquires Van Wagner

The outdoor company will acquire an estimated 1100 large format billboard displays in 11 US states. The portfolio generated $206 million in ad revenue last year, according to CBS Outdoor.

Van Wagner will now concentrate on its sports and entertainment group, in addition to its airship aerial division.

Jeremy Male, the chief executive of CBS Outdoor, said: "We're very pleased to be announcing an exciting transaction regarding this high quality group of outdoor assets.

"It's a unique opportunity that aligns perfectly with our top-market growth strategy and will enhance the scale, quality, and depth of our portfolio which we believe will be great for our advertising partners."

CBS Outdoor Americas split from CBS Corporation to become fully independent in June this year. Male, formerly the chief executive of JCDecaux, UK and Northern Europe over 13 years, was appointed in September last year.

Richard Schaps, the chief executive officer of Van Wagner, said: "After having spent more than 40 years building Van Wagner's outdoor advertising business into a leading industry participant, I am delighted to be turning this division over to CBS Outdoor, a great organization with outstanding new leadership who can grow this business into the future."

Van Wagner had a short-lived UK operation that launched in 2000 headed by the former CIA Medianetwork business development director Kevin Shute. The company's operations were subsequently sold to Clear Channel in 2006.

CBS Outdoor International was split from the American operations after the investor Platinum Equity bought it at the end of last year. The international business rebranded as Exterion Media in January.

Cannes Offer: 12 weeks' online access from just £12

Subscribe to Campaign before the end of Cannes Lions and save up to 71%

SUBSCRIBE

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Share

1 Publicis Groupe withdraws from marketing and awards to focus on AI-powered platform Marcel

Publicis Groupe is pulling out of all marketing activity for the next 365 days - and won't be entering awards at Cannes next year - as it focuses its resources on developing Marcel, described by chief executive Arthur Sadoun as a ground breaking new platform.

Job description: Digital marketing executive
Shares0
Share

1 Job description: Digital marketing executive

Digital marketing executives oversee the online marketing strategy for their organisation. They plan and execute digital (including email) marketing campaigns and design, maintain and supply content for the organisation's website(s).

Just published

More