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CBS Radio Ditches Portland, Oregon

Mediaweek, Tuesday, August 11, 2009 9:30 AM

CBS Radio will exit Portland, Ore., the No. 23-ranked market. It is selling four radio stations to Alpha Broadcasting for $40 million cash. Alpha is a new entity formed by veteran broadcaster Larry Wilson and Endeavour Capital in Portland.

The sell-off is part of CBS Radio's continuing strategy to focus on the nation's largest markets. In the last eight months, the company has announced three deals to sell 12 stations. "The marketplace for station sales is improving, so we expect to make further progress going forward," says CEO Dan Mason.

CBS Radio revenue was down 23% in the second quarter, but the company is seeing improvement. "Local [advertisers] were the first to be hit by the recession, and it appears they're the first to come out of it, particularly in major markets," says Les Moonves, CEO of CBS.

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