Death to old media! CBS is done with the radio business and plans to rid itself of news, oldies, talk, and music stations to focus on the digital business. Whether that means simply a spin off or a complete sale to someone remains to be seen. That there may still be a buyer is unclear. Other radio companies, like iHeart Radio, the former Clear Channel, may go bankrupt! With so much new competition from Apple Music, Spotify, and other streaming music outlets, CBS is just giving up this fight.
According to the NY Times, CBS "aims to streamline its business to focus on its broadcast network, the premium channel Showtime and digital." But if the focus is digital, doesn't the content coming from radio help promote a digital business. Can't they work with their radio assets to create another outlet to reach today's consumer and expand their business reach. Will this radio contraction really support expansion in their other digital businesses or is this something else? Could CBS start to split assets to drive shareholder value as they begin to sell off piece after piece. And could ultimately CBS, the broadcast network, also be up for sale?