Friday, May 27, 2016

Moonves: Redstone Supports Sale/Spinoff Of CBS Radio

Sumner Redstone may oppose Viacom’s plans to sell a stake in Paramount Pictures, but he’s on board with CBS’s plans to sell or spin off its radio division, according to CBS chairman and CEO Leslie Moonves.

The Eye in March announced it would explore a sale of the 117-station CBS Radio group. During the Q&A portion of CBS’s 2016 shareholders meeting Thursday in New York, Moonves was asked if that deal was contingent on the approval from Redstone (CBS’s controlling shareholder) or his representatives in light of his opposition to the Paramount proposal, reports Variety.

“Our situation with radio has absolutely nothing to do with Viacom,” Moonves responded. “We have received full support from Mr. Redstone with what we are doing” with the planned CBS Radio divestiture.

Sumner Redstone was not present at the CBS shareholders meeting at NYC’s Museum of Modern Art, but was dialed in via phone, according to Moonves.

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