CBS Radio Files for IPO

By Chris Lange Updated Jan 12, 5:34PM EST · Published Nov 21, 9:22AM EST

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CBS Radio Inc. filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. There were no pricing details listed in the filing but the sheer number of underwriters would lead us to believe that this is huge. The company intends to list its shares on the NYSE under the symbol CBSR.

The underwriters for the offering are Goldman Sachs, Merrill Lynch, Credit Suisse, Wells Fargo, Citigroup, Deutsche Bank, Jefferies, JPMorgan, RBC Capital, Barrington Research, Loop Capital Markets, Macquarie, Needham, Nomura, MUFG, BNP Paribas, BNY Mellon Capital Markets, Mizuho, Societe Generale, SMBC Nikko, TD, Drexel Hamilton, Lebenthal, Ramirez, and Williams Capital Group.

CBS Radio 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 of the top 10 radio markets and 19 of the top 25 radio markets.

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This company’s focus is on three areas of content: Sports, News and Music & Entertainment. This radio portfolio includes many of the leading radio stations in the U.S., 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. CBS owns the #1- or #2-rated local Sports radio station and the #1-rated All-News radio station in each of the markets in which it programs these formats.

Its radio stations reached an audience of more than 65 million people per week in 2015, making it the second largest radio group in the U.S. as measured both by audience and by revenue. CBS 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. In addition, CBS produces events across its markets, including concerts, multi-day musical festivals, speaker series, trade shows and sports-related events. The company produced, co-produced or co-promoted roughly 500 such events in 2015.

The company intends to use the net proceeds from this offering to pay down its indebtedness.

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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.