Global revenues slump at CBS Outdoor

Parent company CBS Corporation said the decline in outdoor revenue reflected the "soft" worldwide ad market and the unfavourable impact of foreign exchange rates.

According to CBS Corporation's results, its outdoor division recorded an operating loss of $34.9m for the third quarter this year. This compares with an operating loss of $2.8bn for the same period last year, which included an impairment charge of $2.86bn to reduce the value of goodwill and intangible assets.

When CBS last filed its results, it said it had suffered reduced revenue on its London Underground contract, which it conceded had "project delays". Although CBS did not detail the revenue reduction from the contract, it has made a number of senior management changes to its international operation since then.

In September, UK managing director, sales and marketing, Tim Bleakley resigned without a job to go to. International chief executive Antonio Alonso plans to recruit a UK managing director and Colin Leahy, managing director of CBS Outdoor in Ireland, has taken the role of general manager, sales and marketing, in the UK.

Former chief development officer Alonso took over the role of international chief executive in August, replacing Clive Punter, who also left CBS without a job to go to.