Tomahawk, WI 07/18/2014 (Basicsmedia) – CBS Corporation (NYSE:CBS) has been separated from its sister concern CBS Outdoor Americas Inc. (NYSE:CBSO). The termination of the the bond between the company took place after the completion of the most vital exchange. CBS has lost 81% of the company’s stocks to the CBSO in exchange to a projects completion. Lately on March 28th, 2014 the company had granted its ownership on public interest as per its initial public offering. The public offerings included about 19% of the company’s common stocks and this took place on 28th of March, 2008.
CBSO ventures into real estate business
Now currently, CBSO is not any more a subsidiary of the American mass media giant. CBSO will in turn begin operating more like a real estate investment trust (REIT) .this Company expects to be taxed as REIT after the approval of governmental election and qualifying. This process will continue till the end of the December 31, 2014 that is till the end of fiscal year 2014. The company expects to be taxed under a separate name than CBS and expects to continue for following years.
Progress in forming an independent body
The CBSO also has received documents from the Internal Revenue Services that dated on April 16, 2014 on behalf to the qualification of the sister concern to be taxed privately as REIT. CBSO had aims of separating from a long tenure which can be supported by the statement from the Chief Executive Officer of the organization.
Voice of the CEO
Jeremy Male, the Chief Executive officer stated that achieving independence from the CBS Corporation (NYSE:CBS) had been their ultimate goal for some period of time. He also expressed his contentment for the organization to be known as REIT. The decision of the company will be beneficial for the company’s shareholders and build a strong sense of security and cater the relationship. He also expressed his gratitude and thanked CBS in valuing their decision to operate independently. The next target of the company will be to rebrand themselves and achieve a reputation in its market stature.