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NEW YORK CBS continued to trim its struggling radio portfolio and said it would divest 50 stations in 12 midsize 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 held initial discussions with prospective buyers, CBS said during its second-quarter conference call Thursday.
Overall, CBS reported a 1 percent revenue increases to nearly $3.4
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