CBS profit up, to sell radio stations
Cory Bergman November 2nd, 2006
Some good Q3 earnings news for CBS, in part from a strong showing in its outdoor advertising unit. CBS announced it was selling 29 of its radio stations to focus on faster-growing markets. While CEO Les Moonves didn’t offer many details on the digital front, he praised CBS.com’s show streaming, so far at 2 million episodes streamed. “We’re also serving up record numbers of users and viewers with CBS News online and the Evening News on demand,” he said. “Not only does this reflect improved penetration with younger demos, it also positions CBS News as a trusted information source for younger audiences as they form primary media consumption habits.”
6 Comments Add your own
1. thedetroitchannel | November 2nd, 2006 at 10:57 am
with everyone and their competitors selling off their radio stations, who’ll be up to buying them all?
2. thecbschannel | November 2nd, 2006 at 12:25 pm
The likes of CBS have figured out that mid-market radio just doesn’t pay like the majors, and takes just as much effort. Radio-focused groups like Citadel, Cumulus and Entercom are selectively acquiring mid-market spinoffs. Private equity groups will almost certainly carve up the remains of CCU. Even if radio isn’t as dominant a medium as it used to be, the stations can still be moderately successful in the right hands. While the days of gargantuan, unwieldy radio groups are over, expect each individual market to continue to be dominated by a handful of players.
3. thedetroitchannel | November 2nd, 2006 at 12:45 pm
fair enough. thanks for the information.
using that line of thought, wouldn’t tv station groups be wise to consider likewise?
4. hey | November 3rd, 2006 at 4:57 pm
Actually CBS announced those potential radio station sales months ago, they announced the dollar amount they clear from those sales in the Q3 report. 10 markets were posted for sale, 8 have been sold, only Fresno and Greensboro, of the original 10 offered, have not been sold.
5. hey | November 3rd, 2006 at 4:57 pm
Actually CBS announced those potential radio station sales months ago, they announced the dollar amount they cleared from those sales in the Q3 report. 10 markets were posted for sale, 8 have been sold, only Fresno and Greensboro, of the original 10 offered, have not been sold.
6. Sam | January 18th, 2008 at 7:28 am
Wow, thanks for the excellent information!
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