Just one day after announcing a deal to sell its Paramount Parks theme parks, CBS Corp. said Tuesday that it is exploring opportunities to divest its radio stations in 10 markets.
In a brief statement Tuesday, CBS said it is exploring selling off radio properties in Austin and San Antonio, Texas; Buffalo and Rochester, N.Y.; Cincinnati and Columbus, Ohio; Fresno, Calif.; Greensboro-Winston/Salem, N.C.; Kansas City; and Memphis, Tenn.
According to CBS Radio’s Web site (www.cbsradio.com), the division has 39 radio stations in those 10 markets.
Just what price those stations could attract is anyone’s guess. However, earlier this year, Cumulus Media Inc. purchased 33 radio stations in large and small markets from Susquehanna Media Co. for about $1.2 billon.
CBS had said previously stated its intent to sell several smaller-market radio stations to maximize the performance of the radio division overall.
CBS Radio owns about 179 radio stations -- including those earmarked for sale -- across the country. The division, formerly Infinity Broadcasting Corp., has been in decline for the past few years, exacerbated by the loss of popular shock jock Howard Stern, who jumped to Sirius Satellite Radio in January.
According to its first-quarter financial statement, CBS Radio revenue was down 6% to $434.5 million and cash flow declined 13% to $170.6 million.
The announcement came one day after CBS announced that it had reached an agreement to sell its seven Paramount Parks theme parks to Ohio-based amusement-park operator Cedar Fair L.P. for $1.24 billion. That deal is expected to close in the third quarter.