CBS Outdoor receives favorable IRS ruling for REIT conversion

CBS (CBS +2.2%) has received a favorable ruling from the IRS on a plan for its CBS Outdoor Americas (CBSO +5.4%) subsidairy to convert to a REIT.

The company plans to divest the 81% of CBSO it owns through a split-off later this year.

Shares of CBS were flat for the day before the IRS private letter ruling news broke.

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