CBS Radio has scrapped plans for an initial public offering and is instead merging with Entercom, the nation’s fourth largest radio operator.
CBS Radio’s 117 stations in 26 markets will combine with Entercom’s 127 stations in 27 markets. CBS Chairman and CEO Les Moonves announced in March 2016 that it was spinning off the Radio unit. Founded in 1928, it was the cornerstone of what has become CBS Corporation.
“This agreement is great for shareholders and achieves our previously stated objectives by separating our radio business in the best possible way,” said Moonves in a statement.
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