Excluding the European operations, the outdoor billboard segment's revenue fell, which CBS blamed on the non-renewal of a contract in Toronto.

NPR: CBS 4Q Results Fall Short Of Expectations

Excluding a loss from the outdoor billboard business in Europe and Asia, which CBS expects to sell this year, adjusted earnings came to 73 cents per share, 5 cents better than the 68 cents predicted by analysts polled by FactSet.

WSJ: CBS' Moonves dismisses Aereo as 1Q earns top views

Macquarie analyst Tim Nollen said two factors were behind the CBS's quarterly miss: A temporary pullback in ad spending among retailers at local TV stations, and the fact that some analysts had not yet adjusted their estimates to reflect that CBS' no longer counts its European outdoor billboard business earnings as part of its results.

NPR: CBS 4Q Results Fall Short Of Expectations

Both sides expect an agreement would include a monetary settlement of some kind, based on the alleged violations in the U.K. The government has also investigated potential misconduct in the company's former Russian outdoor billboard subsidiary, according to people familiar with the case, specifically whether it paid bribes to local officials to approve sign placements in that country.

WSJ: Bribery Allegations Surfaced Against WSJ in China

Focus Media is a big outdoor (billboard) advertiser and would thus would appear in many lists that CCME would not appear in.

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