CBS COO Joseph Ianniello: CBS Radio Spinoff Accelerating To 2016 To Aid Stock Buyback
November 11, 2016 at 6:03 AM (PT)
CBS CORP. COO JOSEPH IANNIELLO told the WELLS FARGO Technology, Media, and Telecom Conference THURSDAY (11/10) that the company's spinoff of its CBS RADIO division and IPO is being pushed up from 2017 to 2016.
Asked by WELLS FARGO analyst MARCI RYVICKER about his remark on the company's conference call about accelerating the company's plans to accelerate its stock buyback, IANIELLO said, "the separation of radio, you know, that gave us liquidity to do that (the buyback), and so we're using most of that capital to do that, so it's just advancing the monetization of radio from '17 to '16. I think we should think about it that way."