CBS to divest CBS Outdoor America

|About: CBS Corporation (CBS)|By:, SA News Editor

CBS (CBS) announces it will divest the 81% of CBS Outdoor America (CBSO) it holds.

Shareholders can exchange shares of CBS Class B common stock for shares of CBS Outdoor common stock at a 7% discount with a limit of 2.1917 shares of CBS Outdoor for every Class B share they hold.

After the split-off, CBS Outdoor plans to convert into a REIT.