CBS Radio’s ownership moves 75 miles South to Philly..
Shock waves through tradition….CBS Corporation has sold [spun-off] its radio division begun by founder William S. Paley way back in 1927.
According to CBS execs the radio division became “a drag” on their earnings. Seriously, if you can’t make money on the CBS Radio portfolio, maybe you best consider leaving the free market system!
The merger with Philadelphia based Entercom will result in 244 stations strong in 23 of the TOP 27 markets nationwide. Thereby making the venture the second largest radio company behind iHeart Media.
Locally, it means the divesture of one of the current CBS FM’s or perhaps Entercom’s KSWD 100.3 “The Sound.”
So, whose the big winner here. After my departure from CBS/LA in 2008, I met with my former manager for some personal reasons about 3 years ago. They asked me as we met, “How many CBS managers do you think I have I worked for since you left” [6 years]. The number “27” popped into my head. “You’re right!”
That’s the CBS problem. New York management and the managerial choices they made. Seriously, you’re better off at the crap table in Vegas than be named CBS Market Manager in Los Angeles. No criticism of those managers, but rather …..New York………….”say what ??”
This should be a big win for CBS current employees and the listeners. Let’s keep a “sharp eye.”