On Friday, CBS Radio filed an updated S-1 with the SEC as it continues along the path to take the radio division public. The radio stock will trade as CBSR. Here are some other details from the prospectus we thought you’d find interesting.
Some of the details
in the S-1 include revenue numbers we rarely get to see from CBS being that it spends so little time discussing radio on its quarterly earnings calls. The prospectus says CBS Radio generated $1 Billion in broadcast revenue from its 117 stations in 2015. That made up 81% of CBS radio’s total revenue for that year.
Another $229.5 million was generated from digital, events and other revenue, which was 19% of the company revenue for the year. In 2015, CBS Radio generated 75% of its revenue from local advertisers and 25% from national advertisers.
The company has said it would like to spin the radio division off in early 2017 but there have also been hints that something could happen sooner than that.
That’s according to the
detail in the S-1 the company filed on Friday. CBS Radio’s 117 radio stations are located in mostly large markets across the country, including all of the top ten markets and 19 of the top 25 markets.
CBS cited an SNL Kagan report that says the 25 top radio markets generated $6.51 billion in radio advertising revenue in 2015. CBS says its share of revenue in the top 25 markets was 25% in 2015. “In 2015, our average revenue per station in these top 25 markets was twice that of our average revenue per station in non-top 25 markets.”
CBS Radio generates about 90% of its revenue from the 19 top 25 markets it operates in.
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