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Following its announcement in May that it intended to explore the sale of radio stations in 10 of its smaller markets, CBS Corporation has reached an agreement to sell two of its stations in Texas to Border Media Partners, LLC for $45 million in cash.
With the sale of the two Austin stations, KTSA-AM and KJXK-FM, CBS has sold a total of 17 radio stations in 15 markets, according to a release.
Border Media Partners is the largest privately held Hispanic radio company in the U.S. (by number of stations) and is one of the few Hispanic-owned radio companies in the country. It operates in six Texas markets. With the acquisition of the CBS properties, BMP will strengthen its San Antonio station cluster and will own 37 radio stations across the state.
In its recent first half reporting, CBS announced that CBS Radio revenues were down 7 percent through the first half of the year and in Q2 were down 8 percent, an indication that the radio marketplace is growing softer. The company’s TV and outdoor properties are currently propelling its growth.
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