NEW YORK (AP) — CBS Corp. is converting its U.S. outdoor advertising business to a real estate investment trust and selling the international portion of the business.
The media company said Wednesday that it will submit a request for a private letter ruling to the IRS during the first quarter. If that is granted, it could complete the REIT conversion in 2014.
It did not set a timetable for the sale of its outdoor advertising business in Europe and Asia.
CBS shares 8 percent in after-hours trading to $40.99.