CBS to sell four Portland radio stations
Deal marks third in the past eight monthsNEW YORK -- CBS Corp. has signed a deal to sell four Portland, Ore., radio stations to Alpha Broadcasting for $40 million in cash.
The agreement marks CBS' third radio deal in the past eight months. It has sold 12 stations as it focuses on bigger markets.
The radio stations covered by the latest sale are adult alternative station KINK-FM, country station KUPL-FM, alternative rock station KUFO-FM and talk station KCMD-AM.
"With this sale of our Portland stations ... we're another step closer to our goal of focusing primarily on the nation's largest markets where we see the most long-term promise," CBS Radio president and CEO Dan Mason said. "The marketplace for station sales is improving, so we expect to make further progress on that goal going forward."
Larry Wilson, chairman and CEO of Portland-based Alpha Broadcasting, said the new assets are "a perfect complement to the acquisition of news talk KXL-AM and KXTG-FM in Portland." He added: "With this dynamic cluster, Alpha will be able to serve a wide array of Portland residents."