CBS Corporation has signed a definitive agreement to sell five radio stations in West Palm Beach, Fla., for $50 million as it continues a strategy of focusing on larger markets. It has previously sold radio stations in the mid-size Portland, Ore. and Denver markets.
Palm Beach Broadcasting LLC will acquire three of the stations from CBS, under terms of the deal announced Tuesday. To comply with FCC ownership limitations, it plans to sell the other two stations to third parties. The transaction is subject to egulatory approval.
“It is extremely gratifying to add these excellent stations to our community-focused radio service in the Palm Beach market,” said Dean Goodman, CEO of Palm Beach Broadcasting. “Radio broadcasting is experiencing a renaissance in the digital age, and we are pleased to be a part of that effort.”