Los Angeles-based sponsor Platinum Equity agreed to buy the overseas outdoor advertising business of CBS Corp. (NYSE: CBS) for $225 million.

The sale of CBS Outdoor International, which also does business as CBSO International, was part of a larger plan for the broadcasting giant to shift its focus toward the company’s core content business, according to a prepared statement by CBS chief executive Les Moonves.

Proceeds from the transaction will be used to repurchase shares.

Not included in the sale are CBS’ U.S. and Canada billboard operations, which the New York-based company plans to fold into a Real Estate Investment Trust as a means to lowering taxes.

 

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