CBS has plans to sell some or all radio stations
In this article at Variety CBS chief Les Moonves confirms the plan
CBS plans to sell or spin off its radio assets in the coming year, acknowledging that the business has become slow-growth and a drain on resources that can be better directed to content production and digital endeavors.
CBS chairman-CEO Leslie Moonves confirmed the plan Tuesday during CBS’ Investor Day presentation in New York.
Moonves said CBS would explore a variety of alternatives for the group include a sale, swap or spinoff of the group, just as CBS spun off its outdoor advertising group in 2014. The goal, he said, is to “unlock value for our shareholders,” but he vowed to the crowd of Wall Streeters that “we will be prudent and judicious as we go, as we are in all such endeavors.”
The Eye owns 117 stations in 26 markets, including clusters in such top markets as New York, Los Angeles, Chicago, Philadelphia, Boston, San Francisco and Washington, D.C.
Locally CBS owns Talk Radio WPHT 1210 AM / All News KYW 1060 AM / Sports WIP 94 FM