CBS Planning IPO for Radio Unit With No Signs of Right Buyer
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CBS Corp. is planning to file to take its radio division public by the end of the month, a sign that the owner of the most-watched U.S. TV network can’t find a buyer willing to pay the right price.
The decision, announced in a prospectus for senior notes due 2020, means the company will cut ties to radio stations dating back to the inception of Columbia Broadcasting System in 1927. While CBS has been exploring strategic options for the division, including a sale, analysts anticipate the company to spin off the business as it did with outdoor advertising.