Because Television is the darling of the company, details about the CBS Radio division hardly ever see the light of day. That all changes when the radio division gets spun-off and goes public. According to The Wall Street Journal CBS Radio lost $136 million in 2015. That from the IPO the company filed Friday for its Radio division. The Journal reports CBS Radio revenue declined 6% to $1.23 Billion in 2015 with 75% of revenue coming from local advertisers and 25% from national.
The IPO is for $100 million, but that’s a placeholder amount that’s used to calculate fees and will probably change. CBS Radio plans to take on debt before the stock sale to give to its parent, as well as distribute some of the IPO proceeds to CBS. The rest will fund general corporate purposes and cash needs. CBS Radio didn’t name any underwriters in the filing. The filing didn’t indicate on which exchange the company would seek to trade or what its ticker would be.