CBS Corporation Completes Sale of Radio Stations To Entercom
CBS Corporation (NYSE: CBS and CBS.A) today announced that it has completed the previously announced sale of its radio stations in four markets to Entercom Communications Corp. for $262 million in cash.
In May of 2006, CBS Corporation announced its intention to explore the divestiture of radio stations in ten of its smaller markets. With the closure of the Entercom stations, the Company has now completed all of its previously announced radio station sales.
About CBS Corporation
CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW – a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products) and video/DVD (CBS Home Entertainment). For more information, log on to www.cbscorporation.com.
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