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CBS may sell its 117 radio stations
Mar 19, 2016 10:10 pm
Jennifer Saba in The New York Times, and others, reported last week that CBS was considering selling its 117-station radio network, the last of the original radio networks. In 1987, the NBC radio networks sold for $50 million. Now, CBS may get up to $1.9 billion, according to Jefferies, the investment bank. That is if there is a market for 117 radio stations, with streaming service Pandora also reportedly for sale. Last year, the Times notes, radio ad sales dropped two percent, while newspaper revenues rose seven percent, according to Standard Media Index. The Times writer speculates that iHeartMedia and Cumulus Media, both "mired in debt," might be buyers for CBS radio stations.