CBS to convert Americas outdoor unit into REIT

Wed Jan 16, 2013 4:31pm EST

Jan 16 (Reuters) - CBS Corp said it will convert its Outdoor Americas division into a real estate investment trust (REIT) and divest the outdoor operations in Europe and Asia.

The Europe and Asia outdoor business is a discontinued operation, as of Dec. 31, 2012, the company said.

CBS shares were up 7 percent in extended trading, after closing at $38.1 on the New York Stock Exchange on Wednesday.

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