INFINITY BROADCASTING ACQUIRES MEDIACOM
By Adnews Staff
Infinity Broadcasting Corporation, a subsidiary of CBS Corporation, has announced it is acquiring Outdoor Systems Inc. of Phoenix, Arizona, the parent company of Toronto-based Mediacom. Under the terms of the agreement, Infinity will acquire Outdoor Systems for approximately $6.5 billion US in Infinity common stock, plus the assumption of approximately $1.8 billion US of debt. Infinity operates more than 160 radio stations as well as 2,000 display faces through its outdoor advertising business TDI. Mediacom operates over 16,000 advertising display faces across the country. Its products include billboards, superboards, wall murals, permanents and transit shelter advertising contracts in major cities across Canada.
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