Why CBS Outdoor Americas (CBSO) Stock Surged Today

NEW YORK (TheStreet) -- Shares of CBS Outdoor Americas (CBSO) closed up 4.48% to $34.52 today on heavy trading volume after the lessors of advertising space (displays) on out-of-home advertising structures announced that it will purchase 1,100 billboards from Van Wagner Communications LLC for $690 million in cash.

Those billboards, located in 11 of the top U.S. markets, generated $206 million in revenue last year, the company said.

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