NEW YORK (Reuters) – CBS Corp (CBS.N) said on Monday it has agreed to sell four radio stations in Portland, Oregon for $40 million, part of the media company’s plan to focus its radio business on bigger markets.
CBS, which sold the stations to closely held Alpha Broadcasting, has divested 12 radio stations in the last eight months.
CBS is expected to sell additional stations in smaller cities, and the radio division’s chief executive, Dan Mason, said in a statement that the “marketplace for station sales is improving” after dealmaking was slowed by the economy.
Included in the sale to Alpha Broadcasting were KINK-FM, KUPL-FM, KUFO-FM and KCMD-AM. Alpha Broadcasting is based in Portland, and headed by Endeavour Capital and Larry Wilson, who founded Citadel Communications Corp.
CBS shares rose 24 cents, or 2.22 percent, to $11.05 at mid-afternoon on the New York Stock Exchange.
(Reporting by Paul Thomasch; Editing by Richard Chang)