CBS Radio, which operates 117 radio stations in 26 US markets, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, we estimate that the deal could raise $500 million.
Parent CBS is reportedly pursuing the dual track process. CBS spun off its billboard advertising unit, Outfront Media (OUT) in a March 2014 IPO.
The New York, NY-based company was founded in 1928 and booked $1.2 billion in sales for the 12 months ended March 31, 2016. It has not yet announced a ticker or exchange. Underwriters have not been disclosed at this point . No pricing terms were disclosed.
