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CBS to sell three Denver radio stations to Wilks Broadcasting for $19.5 Mln cash - Update

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12/22/2008 9:55 AM ET

Monday, diversified media company CBS Corp. (CBS: Quote, CBS.A) said it has signed a definitive agreement to sell three of its radio stations in Denver to Wilks Broadcasting for $19.5 million in cash. The stations include KWLI-FM Country, KIMN-FM Adult Contemporary and KXKL-FM Classic Hits.

Commenting on the deal, Leslie Moonves, president and chief executive officer, of CBS said, "This deal marks another step forward in our strategy of exiting mid-size radio markets. We believe that focusing on the nation's largest markets represents the best value for our shareholders, and we will continue working to secure deals at attractive exit values such as this one for our remaining mid-size markets."

On December 12, 2008, CBS reached a definitive agreement with Clear Channel Communications to swap five mid-size market stations for two large-market stations, as part of the strategy of divesting mid-size market stations to focus on large markets.

With the sale of three Denver stations to Wilks, the company will have sold or swapped a total of eight stations in five mid-size markets since announcing its intention in July to explore the divestiture of 50 mid-size market radio stations.

CBS is currently trading at $7.51, down $0.20 or 2.59% on NYSE.

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by RTT Staff Writer

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