CBS plans to sell one of its legacy brands: CBS Radio.
We will begin to explore strategic options, CBS Chairman and Chief Executive Leslie Moonves announced Tuesday during the companys investor day. We will be prudent and judicious. We will take our time to make sure that we do it right.
The move represents a recognition that terrestrial radio is no longer a growth industry, particularly as major advertisers shift their spending to digital platforms.
However, the proposed sale is hugely symbolic because the broadcasting company was built on the back of its TV and radio stations, which have adapted and thrived over the decades as consumption patterns changed.
CBS Radio, launched in 1928, also represents one of the largest radio station groups in the nation, reaching an estimated 70 million consumers nationwide each week, according to the companys website.