Boston, MA 10/06/2014 (wallstreetpr) – CBS Corporation (NYSE:CBS) offers the broadcasting services of news and sports through its division CBS Radio. The company distributes the programming through its FM, AM and HD radio stations.
CBS Radio intends to focus on significant market properties instead of mid-size market stations to expand its services to largest radio market. CBS now entered into a strategic alliance to extend its broadcasting facilities nationwide.
CBS Radio signed an exchange agreement with Beasley Broadcast Group, Inc. to sell 13 mid-sized broadcasting stations in Tampa and Charlotte and one WIP-AM station in Philadelphia. In return, CBS Radio will acquire three broadcasting stations in Miami and one FM station in Philadelphia.
CBS Radio’s CEO, Dan Mason, said that the transaction will increase the market opportunities while concentrating on broadcasting portfolio including television and radio. He said that CBS Radio already had excellent presence in television broadcasting in both Miami and Philadelphia, and the additional radio stations will be a complement to the service in the same regions.
The exchange will widen the presence of CBS Radio in Miami, which is considered as the 11th largest radio market in the U.S. The company owned two TV stations WFOR-TV and WBFS-TV in Miami’s market and the ongoing transaction will increase its operating capabilities through WPOW-FM (Top 40), WQAM-AM (Sports) and WKIS-FM (Country).
Moreover, the service will increase its presence in Philadelphia, which is now the eighth largest radio market in the U.S. After the transaction, CBS will have six broadcasting stations including WRDW-FM (Top 40) and WXTU-FM (Country) in Philadelphia.
As of now, CBS Radio offers the services to more than 72 million customers and considers as the largest media operators in the U.S. The extension of services in Miami and Philadelphia will further enhance its operational capabilities as well as services including the stations.