So how much is one of those big advertising billboards worth in the open market? Well, if you do the math – dividing the $690 million paid by CBS Outdoor for 1,100 Van Wagner billboards – it works out to a little over $672,000.*
Per AP, the deal is subject to regulatory approval and won’t take effect until 2015. The transaction involves prime impression-real-estate from coast to coast:
About 600 of the billboards are in Los Angeles and 294 are in New York. The rest are in Boston, Chicago, Dallas, Miami, Minneapolis, Philadelphia, San Francisco and Washington.