CBS Radio Put Up For Sale, With Several Prominent Sports Stations On The Block

CBS is "putting its radio business on the block, as the media company aims to streamline its business to focus on its broadcast network, the premium channel Showtime and digital," according to Emily Steel of the N.Y. TIMES. CBS "owns 117 radio stations in 26 markets, which it estimates reach 70 million people" in the U.S. each week. CBS said that revenue in its radio group was down 5% in Q4 last year because of "continued softness in the radio advertising marketplace and lower political advertising." Steel: "The question really is, Who would buy traditional radio assets today?" (N.Y. TIMES, 3/16). VARIETY's Cynthia Littleton noted Cumulus Media, the nation’s second-largest radio station owner behind iHeartMedia, "has been mentioned as a potential buyer" for CBS Radio. CBS in recent years "has been paring down its station holdings in smaller markets and those markets where it does not own any TV stations" (VARIETY.com, 3/15). The WALL STREET JOURNAL's Joe Flint notes CBS Radio's stations are "mostly located in the nation’s biggest markets." CBS Chair, President & CEO Les Moonves "declined to provide a timeline or any detail on the company's plans." Flint notes for "several years radio has been seen as a drag" on CBS' results. If CBS "opts to sell its stations, finding a buyer for the entire portfolio could prove challenging" (WALL STREET JOURNAL, 3/16). The FINANCIAL TIMES' Shannon Bond notes CBS Radio is the "fourth-largest radio owner" in the U.S. The radio advertising market "has flattened out" at about $15B annually, and traditional station owners such as CBS, iHeartMedia (formerly Clear Channel) and Cumulus Media "face competition from newer digital companies including Pandora and Spotify" (FINANCIAL TIMES, 3/16).

WHAT'S ON THE BLOCK? In N.Y., Richard Morgan notes CBS' portfolio in the market includes WFAN sports talk radio (N.Y. POST, 3/16). In Chicago, Robert Feder noted local sports talk station WSCR also is among CBS-owned stations (ROBERTFEDER.com, 3/15).