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CBS Outdoor buys up more billboards in Chicago

CBS Outdoor Americas is buying the largest independent owner of expressway billboards in Chicago.

CBS Outdoor, one of the largest billboard operators in the U.S, agreed to acquire Willowbrook-based Windsor Outdoor’s 35 billboard structures and more than 70 display positions.

“We believe that the locations of these billboards along the main corridors into and around downtown Chicago and Chicago O’Hare Airport will be complementary to our existing displays in the area, and is consistent with our top-market focus,” said Jeremy Male, CEO of CBS Outdoor, said in a news release.

Financial terms of the deal, which is expected to close in the fall, weren’t disclosed.

New York-based CBS Outdoor has 750 display faces in the Chicago area, among other advertising products.

Last week CBS Outdoor’s parent company CBS Corp. said would fully divest its 81 percent ownership in the billboard business. After the split, CBS Outdoor plans to convert into a real estate investment trust.

“CBS has been a great owner for many years, but as a wholly independent company, we believe we can take CBS Outdoor to new heights,” Male said at the time. CBS Outdoor raised $560 million in an initial public offering in March.