CBS To Spin-Off Radio By End Of July
CBS Radio will become an independent operation by the end of the month.
After seeking a buyer for the group to no avail, Bloomberg reports that the plan was included in a corporate prospectus for senior notes due in 2020. CBS announced plans in March to divest the radio division of the company, much like it did to its Outdoor holdings in 2015.
CBS CEO Leslie Moonves told San Diego radio host Dan Sileo in April the divestiture would most likely come in the form of a spin-off as opposed to a sale.