CBS Turning Billboard-Ad Business Into a REIT
Forget about paying taxes, there is a loophole for that.
VIA: Bloomberg NewsCBS Corp. (CBS) shares surged the most in 17 months after the company said it will convert its outdoor advertising division into a real estate investment trust and seek a buyer for the European and Asian parts of that business.
The owner of the most-watched U.S. television network gained 10 percent to $41.80 at 9:38 a.m. in New York, the biggest intraday jump since August 2011. If completed, the actions may be worth $3 a share to CBS investors, said Michael Morris, an analyst at Davenport & Co. More [HERE]