CBS is moving forward with its spin-off of the CBS Radio group. On Friday, the company filed a preliminary prospectus for what will be a new publicly traded company with the stock ticker CBSR, reports InsideRadio.
CBS had explored selling the 117-station radio group, but with limited buyers, decided to go the IPO route instead. The company is targeting an early 2017 offering and has brought on a new CFO and VP/GM of traffic operations and partnerships.
CBS Radio is the oldest unit of CBS Corp., with roots going back to 1927. CBS Corp. is also in the midst of considering a re-merger with Viacom a decade after the media companies split.