CBS Outdoor International to rebrand as Exterion Media
CBS Outdoor International, a leading out-of-home advertising company is to rebrand as Exterion Media from 21st January 2014. The change follows the acquisition of CBS Outdoor International in September by Platinum Equity, a leading private equity firm specialized in mergers, acquisitions and operations.
Antonio Alonso, CEO of CBS Outdoor International, said: "Our new name truly underlines the fact that we are a newly independent business. It signifies the start of an important chapter, not just for us, but also for the impact we will have on the world of out-of-home advertising as a whole."
Over the past four years, CBS Outdoor International has been a media success story. Internationally, sales are tracking mid-single digit up on this time last year. Over the past three years based on total revenue it has outperformed the rest of the out-of-home market in Europe.
The partnership with Platinum Equity also brings complementary expertise which is expected to deliver large scale operational and transformational change. This will enable CBS Outdoor International to accelerate the development of the existing portfolio and expand its digital and interactive propositions.
Antonio Alonso continued: "Since the transition to new ownership was completed we have continued to show our customers how we can help them engage the audiences they want to reach. We will continue to innovate with new technologies, and to sign more deals.
We will continue to build the business around our positioning of 'engaging audiences', which has given us the drive and direction to succeed, and we will be able to develop the business more aggressively. Working with Platinum Equity we are determined to use our combined strength to drive growth quickly, organically and potentially through smart acquisitions.
Exterion Media, the new name, is distinctive and memorable, and it works in all of our markets. It combines 'exterior', that we are experts in outdoor advertising, with a sense of being always active and helping brands engage the audiences they are after. 'Media' was chosen deliberately to show that we are not just experts in out-of-home, but the wider media landscape which is constantly changing, not least through some of the ground breaking innovations we are driving. We are very excited to be an independent, standalone business in a thriving sector and looking forward to the next chapter as Exterion Media.
The different components of our logo represent: audiences, our commercial partners - both advertisers & franchise partners and our people, symbolising that the whole is greater than the sum of the individual parts."
According to WARC, the marketing intelligence service, out-of-home has been the fastest growing advertising category globally after the internet. WARC predicts 2.8% year on year growth in 2013, rising to 3.7% growth in 2014.
About CBS Outdoor International
CBS Outdoor is a leading Out-of-Home advertising company. Its core business is engaging and delivering valuable audiences for advertisers through a variety of formats and environments including transport, billboards, street furniture and retail. CBS Outdoor is also one of the leaders in digital Out-of-Home advertising.
With operations in Europe and China and partnerships worldwide, its advertising reaches 73% of the world's population accounting for 91% of the worlds' GDP. CBS Outdoor combines this unrivalled reach with deep audience insight and innovations in Out-of-Home advertising.
About Platinum Equity
Platinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions. The firm recently completed raising Platinum Equity Capital Partners III, a $3.75 billion buyout fund focused on investing in businesses that can benefit from Platinum Equity's operational expertise.