Auction For 50 CBS Stations Starts Today
September 22, 2008 at 5:16 AM (PT)
Bidding in an auction for the 50 stations being sold by CBS RADIO begins TODAY, reports the NEW YORK POST's PETER LAURIA, with the company handling the auction without the use of an investment bank. LAURIA lists CUMULUS, ENTERCOM, BONNEVILLE, CONNOISSEUR and TRIBUNE as among those companies receiving books and potentially bidding, as well as former CBS RADIO CEO JOEL HOLLANDER and former JACOR/CLEAR CHANNEL executive BOBBY LAWRENCE.
CBS CEO LES MOONVES told analysts last week that if the company doesn't get the price it wants for the stations, "we're not going to sell."