NY Post: Could Cumulus Buy CBS Radio?
January 21, 2013 at 3:26 AM (PT)
Is CBS considering a spinoff of its radio division? Yes, says a report in today's NEW YORK POST, which writes "LES MOONVES is looking to ramp up dealmaking as part of an overhaul of his old-growth media company. His first step -- a spinoff of the billboard division -- has sparked talk that CBS RADIO will be the next to hit the market."
The move won't come soon says the report. "Sources said that while a sale of the radio unit isn't imminent, it could happen in the next 12 to 24 months."
And who is in line to buy? THE POST claims "CUMULUS boss LEW DICKEY, who runs the second-largest radio station group after CLEAR CHANNEL, has already sent out feelers to #3 CBS RADIO, sources said. By acquiring CBS RADIO, CUMULUS would become roughly equal in size to CLEAR CHANNEL. CUMULUS has already teamed with CBS to get its fledgling CBS SPORTS RADIO network off the ground."
CBS threw cold water on the rumor, with a spokesperson telling the paper, "We just bought a major station in NEW YORK and launched the CBS RADIO NETWORK. We are not selling CBS RADIO."