CBS said it completed the split-off of its CBS Radio business, which has been merged with a subsidiary of Entercom Communications Group.
The deal makes CBS more of a video content company, CBS CEO Les Moonves said.
“The separation of our radio business is part of a broader strategy to make CBS even more focused on our content and all the ways we can monetize it,” said Moonves.
“We started on this path several years ago with the split-off of our outdoor advertising business. And just as we did with outdoor, we believe our radio transaction will allow us to unlock more value for our shareholders and further grow our revenue. As a result, we think CBS will be even better positioned to take advantage of all the new growth opportunities before us, and we feel very good about our future as a pure content company,” he said.
CBS stock holders got shares in CBS Radio, which they were able to exchange for shares in Entercom.