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Stock Market & Financial Investment News

News Breaks
July 16, 2014
16:34 EDTCBSO, CBSCBS Outdoor completes separation from CBS and REIT conversion
CBS Outdoor Americas (CBSO) announced its full separation from CBS (CBS) through the completion of an exchange offer by CBS Corporation of its 81% ownership of the company’s common stock, and following an initial public offering of 19% of the company’s common stock on March 28. As a result, the company is no longer a subsidiary of CBS Corporation. On July 17, the company will begin operating as a real estate investment trust and intends to elect and qualify to be taxed as a REIT for the remainder of the fiscal year ending December 31, and for subsequent tax years. The Internal Revenue Service issued a private letter ruling on April 16, 2014 with respect to certain issues relevant to the company’s qualification to be taxed as a REIT. “Achieving our independence and beginning to operate as a REIT are two important steps in our strategic transformation with significant benefits for shareholders,” said Jeremy Male, CEO. “CBS was very supportive as a parent and we thank them for the opportunity to be steering the company independently. Later this year, our rebranding will reposition the company during this exciting time in the out-of-home industry as it continues to evolve and adopt new technologies that add value and relevancy to our media.”
News For CBSO;CBS From The Last 14 Days
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October 30, 2014
09:00 EDTCBSTime Warner Cable not concerned about other companies eating into business
In light of announcements from HBO (TWX) and CBS (CBS) for stand-alone streaming services, the company said it is more intrigued and more than prepared to work with video programmers to provide better video propositions.
October 29, 2014
18:14 EDTCBSOCBS Outdoor declares special dividend of $4.56 per share
The company announced that its board of directors has approved a special dividend on the company's common stock of approximately $547.7M, or $4.56 per share based on the number of shares currently outstanding, in connection with the company's previously announced conversion to a real estate investment trust. The special dividend is payable on December 31 to stockholders of record on November 20. The special dividend is in the amount of the company's accumulated earnings and profits as of July 17, the date the company began operating in a manner that will allow it to qualify as a REIT for U.S. federal income tax purposes. Approximately 20%, or $109.5M, of the special dividend will be paid in cash, and approximately 80%, or $438.2M, of the special dividend will be paid in shares of the company's common stock.
13:50 EDTCBSFCC chairman wants to give Internet video providers access to more content
FCC. Chairman Tom Wheeler yesterday proposed allowing Internet video providers to show some content previously available only on cable and broadcast TV. Internet video providers could offer "many different kinds of multichannel video packages designed for different tastes and preferences." Wheeler added. Netflix (NFLX) provides Internet video content, while Comcast (CMCSA) and Cablevision (CVC) provide cable TV services. Broadcast TV providers include CBS (CBS), Twenty-First Century Fox (FOXA), and Disney (DIS). Reference Link
07:53 EDTCBSCBS added to Franchise Pick List at Jefferies
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October 20, 2014
15:40 EDTCBSAmazon in new contract with Simon & Schuster, WSJ reports
Amazon.com (AMZN) and CBS’s (CBS) Simon & Schuster unit have reached a new multi-year print and digital contract that replaces an existing one set to expire in two months, according to The Wall Street Journal, citing people familiar with the situation. Details of the new contract couldn’t be immediately learned, but the report notes that a person close to the talks said that the new deal “is good for both companies” and that Simon & Schuster is “very happy” with the pact. Reference Link
12:34 EDTCBSOCBS Outdoor upgraded to Outperform at Barrington
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12:17 EDTCBSOCBS Outdoor upgraded to Outperform from Market Perform at Barrington
11:02 EDTCBSOCBS Outdoor to rebrand as Outfront Media
CBS Outdoor Americas has announced it will rebrand as Outfront Media Inc., marking another important step in the company's transformation. The Outfront identity represents a new era for the Company and for its position within the growing out-of-home advertising sector. The brand also symbolizes the company's unique portfolio of billboards and displays in the most desired locations, including landmark positions in high-traffic areas, retail districts, transit hubs and iconic destinations. Today's introduction of Outfront Media kicks off a process that will include rebranding more than 100,000 displays. On November 20, the company will be reintroduced online and on the New York Stock Exchange under the ticker symbol "OUT". In addition to a new brand, the company is introducing new products and services aimed at enhancing its customers' advertising campaigns.
October 19, 2014
11:58 EDTCBSCBS could see 25% gain, Barron's says
CBS shares could be worth around $66.00 at a peer-like-multiple, a gain of 25%, driven by fees from affiliates and Showtime, Barron's contends in a feature article. Reference Link

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