NEW YORK: CBS Corporation has splashed out $110 million (£55.3m; €70.2m) on buying the International Outdoor Advertising Group, one of the major players in the South American out-of-home industry. 

The company currently manages some 17,000 outdoor sites in Brazil, Argentina, Chile and Uruguay, and will continue to be run by current ceo Jack Sabaj, who will report to CBS Outdoor International's chief development officer Antonio Alonso

Clive Punter, president and ceo of CBS Outdoor International, said: "IOA will greatly increase the size of the business by adding not only scale but opportunities for leveraging existing business within the group."

Data sourced from; additional content by WARC staff