On Thursday, CBS Chairman and CEO Les Moonves answered questions at the Bank of America Merrill Lynch Media, Communications & Entertainment Conference. The majority of his 43 minutes on stage was dedicated to television, however radio did come up, and here’s what Moonves had to say.
Earlier this year, CBS made its initial filing with the SEC to spin off its radio division into a separate public company. On Thursday, Moonves gave an update on the spin-off in which he said the company is still looking at several options. “We are looking at the potential for an IPO. We’re also looking at other opportunities. There’s been a number of inquiries by private equity companies, by other radio companies and by international groups. There’s a lot of activity. One way or another we’re going to come out very well with it. Obviously it’s going to deliver a lot of cash to us.”
Also, while Moonves was talking mainly about his local TV stations when he said, “We’re anticipating the best Presidential for local (ad revenue) ever,” he did say political revenue always helps radio. “It always amazes me it isn’t more for radio. It’s still not a major player, but I think we’re on budget for where we are on radio.”