CBS To Explore Strategic Options For Radio Division, Incl. Sale

(RTTNews) - CBS Corp.'s (CBS, CBS-A) Chief Executive Officer Leslie Moonves said at an investor presentation on Tuesday that the company will explore strategic options for radio division as part of plans to "hone" its asset portfolio. All options are on the table, including a spinoff, split and sale.

Radio is a shrinking business, with advertising revenue falling and the company writing down the value of its station licenses last year.

CBS Radio operates 117 radio stations in 26 U.S. markets, including WFAN in New York.

Cumulus Media Inc. could be a potential buyer, the Wall Street Journal reported on Tuesday.