The switch will occur from January 1 next year, with advertising panels across Europe and China rebranded with the new name.
In the UK, the name switch will incorporate all the company's UK outdoor sites, including those on the London Underground and Docklands Light Railway.
CBS Outdoor is part of the CBS Corporation, which was formed last year when chairman Sumner Redstone split Viacom into two publicly traded businesses in the US, the other being Viacom Inc. As well as the outdoor business, CBS also owns the CBS television network and co-owns the The CW television network with Warner Bros.
Leslie Moonves, president and chief executive officer of the CBS Corporation, said: "We do business with advertising clients and media groups that conduct business around the world so it's important that our brand remain consistent across all borders.
"As one of the fastest-growing assets in our portfolio, outdoor is the perfect vehicle to enhance CBS's global brand."
Tom Goddard, Viacom Outdoor International chief executive, added: "CBS's 80-year history of leadership in US media is an asset we believe we can leverage internationally with great success."
Viacom Outdoor services an estimated 450,000 panels in the UK.
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