CBS Binge-Buys Billboards, Puma Surges & Netflix Subscribers Soar
CBS Outdoor is buying over 1,100 billboards from rival Van Wagner for $690 million in cash. CBS Outdoor, which was spun off from CBS Media in March, said Monday the billboards had revenue of $206 million last year and the deal will close in early 2015. Meanwhile, Netflix said this week it added 1.7 million online video subscribers in its second quarter with 1.12 million of those being international customers. The additions enabled the streaming service to cross the 50 million mark worldwide. Finally, shares of Puma Biotechnology soared from $60 to more than $230 on Wednesday after the company said a clinical trial of its experimental drug - Neratinib - blocked the return of one type of early stage breast cancer. Puma said Neratinib improved disease-free survival by 33% compared with a placebo in a trial of 2,800 women.