CBS Outdoor Announces Agreement to Acquire Windsor Outdoor in Chicago
NEW YORK, June 17, 2014 – CBS Outdoor Americas Inc. (NYSE: CBSO) announced today that it has signed a purchase agreement with Windsor Outdoor to acquire in excess of 35 billboard structures with over 70 display faces in the City of Chicago, Illinois and the surrounding metropolitan area. Closing is expected in the fall of 2014.
“We are very excited to announce this tuck-in acquisition of Windsor Outdoor billboards into our portfolio. We believe that the locations of these billboards along the main corridors into and around downtown Chicago and Chicago O’Hare Airport will be complementary to our existing displays in the area, and is consistent with our top-market focus,” said Jeremy Male, Chief Executive Officer of CBS Outdoor.
About CBS Outdoor Americas Inc.
CBS Outdoor Americas Inc. (NYSE: CBSO) is one of the largest lessors of advertising space on out-of-home advertising structures and sites across the U.S., Canada and Latin America. Our portfolio primarily consists of billboard displays, which are predominantly located in densely populated major metropolitan areas and along high-traffic expressways and major commuting routes. In addition, we have a number of exclusive multi-year contracts that allow us to operate advertising displays in municipal transit systems where our customers are able to reach millions of commuters on a daily basis. We have displays in all of the 25 largest markets in the U.S. and over 180 markets in the U.S., Canada and Latin America, including in some of the most heavily trafficked locations, such as the Bay Bridge in San Francisco, Sunset Boulevard in Los Angeles and Grand Central Station and Times Square in New York City.
Cautionary Statement Concerning Forward-Looking Statements
We have made statements in this press release that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by discussions of strategy, plans or intentions relating to the acquisition of Windsor Outdoor. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: Windsor Outdoor and CBS Outdoor being unable to satisfy closing conditions of the acquisition, which could delay or cause the companies to abandon the acquisition; the acquisition may prove unprofitable and fail to generate anticipated cash flows; any costs, resource allocations or operational difficulties involved in integrating the new business; any declines in advertising and general economic conditions; competition; government regulation; our inability to increase the number of digital advertising displays in our portfolio; taxes, fees and registration requirements; content-based restrictions on outdoor advertising; seasonal variations; time and resources to comply with rules and regulations as a stand-alone public company; dependence on our management team and advertising executives; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary; and other factors described in our filings with the Securities and Exchange Commission (the “SEC”), including but not limited to the section entitled “Risk Factors” of our Registration Statement on Form S-4, filed with the SEC on June 11, 2014. All forward-looking statements in this press release apply as of the date of this press release or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes.