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CBS Could Spin Its Radio Business With A Public Offering

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CBS Could Spin Its Radio Business With A Public Offering

According to a report from the New York Post, CBS Corporation (NYSE: CBS) is planning on spinning off its radio division with a public offering.

The New York Post quoted a memo that was written by CBS's radio division president, Andre Fernandez. The memo was sent to employees and stated, "The primary course of action CBS Corporation is pursuing is to split CBS Radio off via an IPO."

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The publication added that the memo was confirmed by CBS, but the company also stated "there are also other paths being explored for CBS Radio, including the possibility of becoming part of another company."

CBS Radio's portfolio consists of 117 radio stations.

CBS's stock showed no trades early Friday morning.

Image Credit: Public Domain

 

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