Viacom Outdoor looks to 2008 Olympics with first Chinese acquisition

by Daniel Farey-Jones

September 30, 2005

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Viacom Outdoor looks to 2008 Olympics with first Chinese acquisition

LONDON - Viacom Outdoor is to buy Chinese company Magic Media, which holds the rights to sell ad space on Beijing's bus system, after forging an agreement to take a 70% share of the company.

Beijing will be the venue for the 2008 Olympic Games, and currently has a population of 15m.

Future Viacom Outdoor boss Leslie Moonves said: "This purchase is now a significant foothold for us in a nation where the growth opportunities are virtually limitless."

When Viacom splits into two companies, Viacom Outdoor will become a unit within the new CBS Corporation, of which Moonves will be CEO.

The Magic Media deal is expected to be completed in October, and contains an option for Viacom to acquire the remaining 30% in five years' time.

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