CBS Offloads Three Radio Stations

NEW YORK, December 23: CBS
Corporation has reached a deal to sell off three radio stations in Denver,
Colorado, to Wilks Broadcasting for $19.5 million in cash.

The deal includes KWLI-FM
(country), KIMN-FM (adult contemporary) and KXKL-FM (classic hits). With the
sale to Wilks, CBS will have sold or swapped a total of eight stations in five
mid-size markets since announcing in July plans to explore the divestiture of
50 mid-size market radio stations.

"This deal marks another
step forward in our strategy of exiting mid-size radio markets," said
Leslie Moonves, the president and CEO of CBS Corporation. "We believe that
focusing on the nation's largest markets represents the best value for our
shareholders, and we will continue working to secure deals at attractive exit
values such as this one for our remaining mid-size markets."

—By Mansha Daswani