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CBS Looks to Spin Off Small-Market Radio

CBS Looks to Spin Off Small-Market Radio

CBS wants to spin off radio stations in 10 small markets and concentrate on holdings in larger markets. CBS Radio operates 179 radio stations, and most are in top 50 markets.
The company said the move is meant to “maximize performance” of the radio division. The company is exploring divestitures in Austin, Buffalo, Cincinnati, Columbus, Fresno, Greensboro-Winston/Salem, Kansas City, Memphis, Rochester and San Antonio.
The news comes a day after CBS Corp said it intends to exit the theme park business by selling its six properties to amusement park company Cedar Fair LP for $1.24 billion in cash. CBS said sales were flat at its theme parks; the only way to grow those revenues would have been to expand that division, something CBS did not want to do, reported The Washington Post.