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CBS Radio revenues fall 19% in the most recent quarter
The drop was from $392 million to $319 million, while OIBDA (a measure akin to cash flow) dropped 33%, to $93.1 million. A year ago, CBS took a huge $3.32 billion impairment charge on the value of goodwill and intangible assets (the market value of its licenses). This year CBS valuation experts take a much smaller writedown, or $31.7 million – related, the CFO tells the conference call, to the sale of the Portland, Oregon stations to Larry Wilson’s Alpha Broadcasting.
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Now what happens at WBLS, New York and with the Kiss staff?
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