Last Tuesday, CBS Chairman and CEO Leslie Moonves announced that the company is exploring options to sell its legacy brand, CBS Radio.
Launched in 1928, the division is one of the largest radio station groups in the country. With 117 stations including KNX-AM 1070 and KCBS-FM 93.1 here in Los Angeles, CBS radio has an estimated 70 million listeners that tune in every week across the country.
As more advertisements move to digital platforms, the decision to sell the division is seen as an acknowledgment that the terrestrial radio industry is shrinking. According to CBS, the radio group was down 5 percent in the fourth quarter of 2015.
No timeline was given for when the assets would be sold.
Michael Harrison, Editor and Publisher of Talkers, a trade publication magazine on the talk media industry