CBS Corp. has cut a deal to sell five radio stations in West Palm Beach, Fla. for $50 million.
Deal continues the Eye’s push to streamline its radio holdings and concentrate on the nation’s largest markets.
The sale agreement with Palm Beach Broadcasting calls for that company to eventually sell two of the outlets to a third party, to comply with FCC ownership rules.
Palm Beach Broadcasting is headed by Dean Goodman, formerly an exec with Lowell Paxson’s Pax TV network (now Ion Media).
“It is extremely gratifying to add these excellent stations to our community-focused radio service in the Palm Beach market,” Goodman said. “Radio broadcasting is experiencing a renaissance in the digital age, and we are pleased to be a part of that effort.”