CBS Corp., New York, said it will sell up to 20% of its radio/outdoor group in a public stock offering to be completed this year. The new company will be named Infinity Broadcasting (a radio group CBS acquired in 1996) and will operate 155 stations and the TDI out-of-home advertising business. CBS Radio Group had been the No. 1 U.S. radio group by revenue. CBS Radio Group Chairman-CEO Mel Karmazin will hold the same title at Infinity. Mr. Karmazin is also president-chief operating officer of CBS Corp.
Copyright August 1998, Crain Communications Inc.