CBS Radio Files for IPO

By Chris Lange Updated Jan 13, 5:53AM EST · Published Jul 11, 9:10AM EDT

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CBS Radio has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing but the offering is valued up to $100 million, although this number is usually just a placeholder. The company has yet to decide on which exchange it will list its shares or even under which symbol.

In this initial filing no underwriters were named.

This is a large-market focused, multi-platform national media company with a local footprint of 117 radio stations and digital properties in 26 radio markets, including all the top 10 radio markets and 19 of the top 25 radio markets.

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CBS focuses on three areas of content: sports, news and music and entertainment. The radio portfolio includes many of the leading radio stations in the United States, including the most listened-to sports (WFAN in New York), news (1010 WINS in New York) and alternative rock (KROQ in Los Angeles) radio stations. It owns the number one or two local sports radio station and the top-rated all-news radio station in each of the markets in which it programs these formats.

These radio stations reached an audience of more than 65 million people per week in 2015, making CBS the second largest radio group in the United States as measured both by audience and by revenue. The company also distributes its content through an integrated suite of digital properties, including market-focused local websites, Radio.com (a streaming service), Eventful (an event discovery platform) and Play.it (a podcast network), which collectively reached an average of 63.1 million internet and mobile unique users per month in 2015.

Additionally, CBS produces events including concerts, multiday musical festivals, speaker series, trade shows and sports-related events. In 2015, the company produced, co-produced or co-promoted roughly 500 of these events.

The company intends to use the net proceeds from this offering to repay its indebtedness, with the remainder going toward working capital and general corporate purposes.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.