How Will CBS Stock Be Affected by Radio Spinoff?
NEW YORK (TheStreet) -- Shares of CBS (CBS) - Get Report closed up 1.73% to $57.08 today and the company announced after hours that its radio division, CBS Radio, has filed for an IPO.
The IPO will be valued at $100 million, MarketWatch reports.
CBS Radio has been part of the company since its founding in 1927.
Recent speculation that the company was planning a spinoff of its radio services was spurred by a lack of potential buyers.
The local broadcasting division of CBS Radio reported sales of $2.6 billion for 2015, the business's lowest since 2009.
Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, impressive record of earnings per share growth, increase in net income and good cash flow from operations.
You can view the full analysis from the report here: CBS
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.