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January 17, 2013
CBS converting ad unit to REIT
NEW YORK (AP) — CBS Corp. is converting its U.S. outdoor advertising business to a real estate investment trust and selling the international portion of the business.
The media company said Wednesday that it will submit a request for a private letter ruling to the IRS during the first quarter. If that is granted, it could complete the REIT conversion in 2014.
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