CBS Corporation (NYSE: CBS.A and CBS) announced today it has signed a definitive agreement to sell its five owned radio stations in West Palm Beach for $50 million. Maintaining its focus on major markets, the company has also previously sold radio stations in the mid-size Portland, Ore. and Denver markets.
At the closing, Palm Beach Broadcasting LLC will acquire three stations from CBS. To comply with FCC ownership limitations, Palm Beach Broadcasting LLC will acquire the right to sell the other two stations to third parties. The transaction is subject to customary conditions, including regulatory and other approvals.
“It is extremely gratifying to add these excellent stations to our community-focused radio service in the Palm Beach market,” said Dean Goodman, CEO of Palm Beach Broadcasting. “Radio broadcasting is experiencing a renaissance in the digital age, and we are pleased to be a part of that effort.”
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 Networks, Smithsonian Networks and CBS Sports Network), local television (CBS Television Stations), television production and syndication (CBS Television Studios, CBS Studios International and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), licensing and merchandising (CBS Consumer Products), video/DVD (CBS Home Entertainment), motion pictures (CBS Films) and socially responsible media (EcoMedia). For more information, log on to www.cbscorporation.com.
About Palm Beach Broadcasting
Palm Beach Broadcasting LLC is owned by broadcasting industry veteran Dean Goodman of Palm Beach, Fla., and Garrison Investment Group. Palm Beach Broadcasting acquired WRMF-FM, Palm Beach, in June 2011. Mr. Goodman, the company’s CEO, has been involved in the radio and television industry in South Florida for more than 35 years.