The mothership at the CBS Corporation is planning to take its radio division public by the end of the month. The announcement was made by the company in a preliminary prospectus filed with the SEC on Wednesday. Back in March, CEO Les Moonves announced the company was exploring all alternatives, including a sale, a spinoff, or even a swap of the radio division. The company has been in a quiet period lately and it appears that spinoff will happen sooner rather than later.
CBS Radio is worth about $2.9 billion according to Bloomberg Intelligence estimates. The company owns 117 radio stations in 26 markets. Andre Fernandez has been leading the CBS Radio Division since Dan Mason stepped down.
Here’s what the CBS prospectus, which you can read HERE, says: “As previously announced, the Company is exploring strategic options to separate its radio business. In connection with these strategic options, the Company expects that CBS Radio will file a registration statement on Form S-1 with the SEC during July 2016 relating to an initial public offering of shares of common stock of CBS Radio. “
