CBS Corp. to Sell Five Radio Stations for $50 Million
Palm Beach Broadcasting will acquire three stations and sell two others to third parties.
LONDON - CBS Corp. has signed a definitive agreement to sell its five radio stations in West Palm Beach, Fla. for $50 million.
Focusing on major markets, the company, led by CEO Leslie Moonves, previously sold radio stations in the mid-size markets of Portland, Ore. and Denver.
The buyer in the latest deal is privately-held Palm Beach Broadcasting. It will acquire three stations outright. To comply with FCC ownership limitations, it will acquire the right to sell the other two stations to third parties.
The company is owned by CEO and broadcasting industry veteran Dean Goodman and Garrison Investment Group. Palm Beach Broadcasting acquired WRMF-FM in Palm Beach in June 2011.
“It is extremely gratifying to add these excellent stations to our community-focused radio service in the Palm Beach market,” said Goodman. “Radio broadcasting is experiencing a renaissance in the digital age, and we are pleased to be a part of that effort.”