CBS Corp., which began as a radio company in 1927, revealed plans this week to spin off its radio division. CBS Radio operates 117 radio stations in 26 markets, including New York and L.A., according to The Hollywood Reporter.
In a regulatory filing, the company indicated it will file for an IPO of the radio unit.
“The company, led by Chairman and CEO Leslie Moonves, had said in March that it was exploring a sale or spinoff of the radio business,” THR reports, quoting Moonves saying at the time: “The aim here is to unlock value for our shareholders.”
The report notes that the filing suggests CBS has yet to track down a buyer who’s prepared to meet its price.
“CBS Corp. previously also spun off its outdoor advertising unit,” THR notes, adding: “Similar to other entertainment companies, it has shed lower-growth assets to focus on core content businesses.”