NEW YORK, Oct. 2, 2014 /PRNewswire/ -- CBS RADIO today announced it has signed a definitive agreement with Beasley Broadcast Group, Inc. to swap 13 stations in Tampa and Charlotte, as well as one AM station in Philadelphia for two FM stations in Philadelphia, and three stations in Miami.
As a result of the swap, CBS RADIO will for the first time have a presence in Miami, the nation's 11th-largest radio market. CBS already owns two television stations in the market, WFOR-TV and WBFS-TV. Upon completion of the transaction, CBS RADIO will operate WKIS-FM (Country), WPOW-FM (Top 40) and WQAM-AM (Sports). Furthermore, the division will increase its presence in Philadelphia to six stations with the addition of WRDW-FM (Top 40) and WXTU-FM (Country). Philadelphia is the nation's eighth-ranked radio market.
"This transaction reinforces our strategy to concentrate on large market properties," said Dan Mason, President and CEO, CBS RADIO. "We already have television duopolies in both Philadelphia and Miami, so these new stations will be a terrific complement to our existing local broadcasting portfolio, and a welcome addition to the overall CBS family."
Beasley will obtain the following stations from CBS RADIO:
The transaction is subject to customary conditions, including regulatory approvals.
About CBS RADIO
CBS RADIO is one of the largest major-market broadcast media operators in the United States and the undisputed leader in news and sports radio. Producing original audio and video content, live events and exclusive programming broadcast via on-air, online and mobile platforms, CBS RADIO reaches more than 72 million consumers nationwide each week. As a part of CBS Corporation, the division owns 126 radio stations in 27 markets – including all of the top 10 as ranked by Nielsen Audio – as well as an extensive array of digital assets. CBS RADIO distributes its programming via AM, FM and HD Radio stations, Radio.com and CBS Local Digital Media apps, making engaging with audiences easier than ever before. For more information on CBS RADIO, please visit www.cbsradio.com.
SOURCE CBS Corporation