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CBS continued to trim its struggling radio portfolio, announcing plans Thursday (July 31) to divest 50 radio stations in 12 midsized markets.
The 50 stations represent roughly $300 million in annual revenue or about 15 percent of the radio division’s revenue. Following the divestitures, CBS will own about 90 radio stations.
The company has already had initial discussions with prospective buyers, CBS said during its second quarter conference call Thursday.
Overall, CBS reported profit was up 1 percent and revenue growth increased 1 percent to nearly $3.4
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