CBS Corp to Considering a Way Out of Its Radio Business
CBS Corp is considering a way out of its radio business.
On Tuesday, CBS Chairman and Chief Executive Leslie Moonves mentioned while speaking at the company's "investor day" that CBS is considering strategic options for its radio unit. The radio division of the commercial broadcasting company consists of 117 stations that are mainly located in the biggest markets of the country.
However, no definite deadline was mentioned by Mr. Moonves for executing the company's plan. He just said that the aim is to "unlock value for our shareholders," just like the company did in 2014, when it spun off its outdoor advertising business.
In recent years the radio business has been considered to weaken CBS's results. The New York City based company took a $484 million write-down on the value of its radio licenses in the Q4. In 2015, there was a six percent drop in its revenue from radio. The company attributed the slip in revenue to a weaker advertising market and less revenue generated from political ads.
CBS started as a radio company way back in 1927. At its peak it owned almost two hundred AM and FM stations.
CBS has seven stations in New York and Chicago each with six in Los Angeles. In recent years with other businesses growing rapidly, radio has been in lesser focus for CBS.
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