CBS +7% AH after announcing it plans to convert its Americas outdoor advertising unit into a...

CBS +7% AH after announcing it plans to convert its Americas outdoor advertising unit into a REIT, and to divest its European and Asian outdoor ad ops. CBS will request an IRS ruling on the status of the Americas business during Q1; if granted, the REIT conversion could be completed in the taxable year starting 2014. CBS' Outdoor segment posted Q3 revenue of $486M (+2% Y/Y).