CBS RADIO FOR SALE?

CBS Radio could be put on the block. Les Moonves, Chairman/CEO of the mothership, revealed that his company was considering such an option Tuesday during the CBS Investor Day confab in New York.

“We will begin to explore strategic options,” the L.A. Times quotes Moonves as stating. “We will be prudent and judicious. We will take our time to make sure that we do it right.”

He explained that “The aim here is to unlock value for our shareholders, [and] we’ll be looking at all [options].”

CBS Radio’s revenues fell 6% in 2015. The company also took a $484 million impairment charge after concluding that the value of stations in 18 markets was “lower than their respective carrying values,” Deadline Hollywood reports. It attributed that to “a sustained decline in industry projections for the radio advertising marketplace since 2014.”

One of the largest chains in the U.S., CBS Radio claims to reach an estimated 70m listeners each week. The company owns and operates 117 radio stations in 26 markets, with six stations in L.A., including the iconic trio of KNX-AM, KCBS-FM and KROQ.