LA Times

CBS, Which Helped Create the Business of Radio, Plans to Sell Its Radio Division

Mar 16, 2016  •  Post A Comment

Calling it the “end of an era,” the Los Angeles Times reports that CBS is ready to leave behind the radio business that the company helped create.

CBS Chairman and CEO Leslie Moonves said Tuesday that the company is exploring strategic options, which could include a sale or spinoff of the radio division, the Times reports.

“Eighty-eight years ago, the company’s founder, William S. Paley, bought the nascent Columbia Broadcasting System, and those radio stations became the nucleus of a budding broadcast empire,” the Times notes.

Commenting during an investor day in New York, Moonves said: “The aim here is to unlock value for our shareholders.” He did not provide details or a timetable.

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