CBS Corporation Chair/CEO Leslie Moonves clarified the company intends to spin off its radio division.
“Our intent is to spin off radio so it’s its own self-standing company, which will sit better than being part of a big conglomerate like ours which is keyed more on television,” said Moonves in an interview with San Diego Mighty 1090 sports host Dan Sielo.
It’s not that CBS doesn’t think radio is a great business, according to Moonves, however it is a “slower-growth business” compared to video, which is what CBS is focused on.
But as a standalone, the radio division will do well, he says, calling the radio group a “high-cash, relatively low-growth business.”
Since he spoke about the radio division last month, the company clarified that making the division its own separate entity is the main route CBS is pursuing.