CBS Plans IPO for Radio Group
CBS says it plans to file for an initial public offering of common stock of CBS Radio later this month.
The plan was disclosed in an SEC filing about a $700 million senior notes offering.
Earlier this year CBS said it would be studying “strategic options” concerning its radio group.
Related: CBS Unveils Fall Primetime Premiere Dates
“In connection with these strategic options, the Company expects that CBS Radio will file a registration statement on Form S-1 with the SEC during July 2016 relating to an initial public offering of shares of common stock of CBS Radio,” the company said it the filing.
According to reports, CBS sought a buyer for the station group, but none emerged.
Related: CBS Nearly Done With Upfront Sales
CBS has been moving towards being a pure-play TV and video company. It has already spun off its outdoor advertising unit.
CBS owns 117 radio stations in 26 markets including the top 10 markets as ranked by Nielsen.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.