Les Moonves: 'Our Intent Is To Spin Off Radio So It Is Its Own Self-Standing Company'
April 14, 2016 at 4:00 AM (PT)
CBS CORP. Chairman/CEO LES MOONVES made an appearance on BCA Sports XEPRS-A (MIGHTY 1090)/SAN DIEGO's DAN SILEO show YESTERDAY (4/13), and in addition to noting that sports programming, "is really essential” to CBS, he got industry tongues wagging about the future of CBS RADIO. SILEO noted “CBS was built on radio,” and asked MOONVES, "Why the transition out of radio for CBS?"
MOONVES said, “As the world has progressed, and as we've moved into much more digital -- and much more streaming, and it is a world for us that is keyed on video. Radio is still a wonderful, wonderful business. Our intent is to spin off radio so it is its own self-standing company, which will fit better than being part of a big conglomerate like ours, which is keyed more on television."
"By no means do we think radio's not a great business," MOONVES continued. "It's a slower growth business than the video business is, but we have 117 radio stations and we think that will be a great standalone company. So by no means are we deserting the radio business" You can listen to the full interview here.