Why CBS Outdoor Americas (CBSO) Stock Is Up Today

NEW YORK (TheStreet) --  CBS Outdoor Americas Inc. (CBSO) is up 6.32% to $29.77 after pricing 20 million shares of common stock to the public at $28.00 per share. The company is the outdoor advertising subsidiary of CBS Corp. (CBS).

CBS Outdoor granted underwriters a 30-day option to purchase an additional three million shares at the IPO offering price with less underwriting discounts and commissions. At closing, CBS Corp. will own approximately 83% of CBS Outdoor.

CBS is planning to divest its shares through a tax free split off later this year. Once CBS is fully divested, CBS Outdoor will convert into a real estate investment trust.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

CBSO Chart CBSO data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

If you liked this article you might like

Comcast Dodges Big Social, Moves Watchable In-House

Rolling Stone Stake Could Fetch as Much as $80 Million

Hulu Threatens Landmark Networks With Prestigious Emmy Win

Weekend Box Office: 'Mother!' Flops With F Rating, 'It' Smashes Records

Why Entercom Communications Is a Buy: Cramer's Top Takeaways