21 Sep 2017
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CBS to sell radio business

MUMBAI: In a sign of the changing times, US media conglomerate CBS has decided to sell its radio business.

CBS chairman, CEO Leslie Moonves made this announcement during CBS’ investor day presentation.

Different strategies would be examined like a sale, swap or spinoff. The goal is to unlock value for shareholders. The company will be prudent and judicious in the process.

“Going forward, we will do everything we can to assist in this transformative action and believe it will be to the benefit of our division, our stations and our people.”

The company said, “CBS Radio is a terrific organization, with a tremendous history and a great future. It makes sense that CBS Corporation, a company that is now focused primarily on premium video content, would choose to unlock the value of its radio operation. While it is still very early in this process, we are enthusiastic about the possibilities that lie ahead, and look forward to competing in this evolving industry with the strongest portfolio of major-market brands in the radio business. Going forward, we will do everything we can to assist in this transformative action and believe it will be to the benefit of our division, our stations, and our people.”