CBS Corp., owner of the most-watched U.S. TV network, is putting a for-sale sign on its radio division.
Chief Executive Officer Leslie Moonves told investors Tuesday in a presentation the company will explore strategic options for the division as part of plans to "hone" its asset portfolio.
Radio is a shrinking business for CBS, with advertising revenue falling and the company writing down the value of its broadcast licenses last year. CBS Radio operates 117 stations in 26 U.S. markets, including WFAN in New York, according to regulatory filings. IHeart Media Inc. is the largest radio company with 861 outlets.
CBS, based in New York, operates the namesake broadcast TV network, local television and radio stations, the Showtime cable outlet and Simon & Schuster publishing. Mr. Moonves in his presentation described CBS and Showtime as the company's two premium brands.