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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.

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“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.

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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.