Moonves: CBS 'Not Looking To Spin Off' Radio
September 13, 2012 at 5:25 AM (PT)
CBS CORP. Pres./CEO LESLIE MOONVES told the BANK OF AMERICA MERRILL LYNCH 2012 Media, Communications, and Telecommunications Conference in LOS ANGELES WEDNESDAY (9/12) that the company has no plans to leave the radio business.
Asked about the possibility that the company would "finally" exit radio ownership, MOONVES replied, "Radio, there's no real desire to do that ... our balance sheet is in great shape right now ... we're not looking to spin it off."
He also touted the company's foray into sports radio network programming with the new CBS SPORTS RADIO NETWORK, saying that he expects the network to get "about 10% of the market" right away and gain "about 10 or 15 million (dollars) of found money."