That’s according to the detail in the S-1 the company filed on Friday. CBS Radio’s 117 radio stations are located in mostly large markets across the country, including all of the top ten markets and 19 of the top 25 markets.
CBS cited an SNL Kagan report that says the 25 top radio markets generated $6.51 billion in radio advertising revenue in 2015. CBS says its share of revenue in the top 25 markets was 25% in 2015. “In 2015, our average revenue per station in these top 25 markets was twice that of our average revenue per station in non-top 25 markets.”
CBS Radio generates about 90% of its revenue from the 19 top 25 markets it operates in.
