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CBS Q4 Results Reports CBS Radio as Discontinued
RADIO ONLINE | Thursday, February 16, 2017 | 0:35am CT

CBS Corp., parent of CBS Radio, reported fourth quarter revenues were $3.52 billion compared with $3.59 billion in 2015. Operating income was down to $484 million from $770 million, while adjusted OI grew 10% to $733 from $664 million. The company reported a net loss of $113 million for Q4 2016 compared with net earnings of $261 million for Q4 2015. Both periods included impairment charges at CBS Radio, which has been presented in discontinued operations.

As presiously reported, CBS Radio agreed to merge with Entercom on February 2. In connection with the transaction, which is expected to be tax-free to CBS Corp. and its stockholders, the company intends to split-off CBS Radio through an exchange offer immediately prior to the merger. The merger will create a company with a market cap in excess of $2 billion.

CBS expects to complete the transaction in the second half of 2017.

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