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Monday, July 11, 2016

CBS RADIO FILES IPO

CBS Radio has set a target of $100m in its filing with the U.S. Securities and Exchange Commission as CBS Corp. looks to exit the radio business.

Rumors have floated since March that CBS Chairman/CEO Les Moonves wanted to sell the operation.

CBS Radio has more than 117 terrestrial radio stations with digital properties in 26 radio markets, including all the top 10 radio markets and 19 of the top 25 radio markets. While strong in sports radio, the collection includes alternative rock kingpins KROQ in Los Angeles.

It is the second largest radio group in the U.S., whether measured by audience or revenue. The filing, submitted on 7/8, did not reveal how many shares the company planned to sell or their expected price.

Proceeds are expected to pay down debt as well as go toward working capital.

 
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