CBS Radio, the second-largest US radio station operator being spun out of CBS, withdrew its plans for an initial public offering on Wednesday. It originally filed in July 2016 with a proposed deal size of $500 million. CBS Radio agreed to combine with Entercom (NYSE: ETM) in a tax-free Reverse Morris Trust merger.
The New York, NY-based company was founded in 1928 and booked $1.2 billion in sales for the 12 months ended September 30, 2016. It had planned to list on the NYSE under the symbol CBSR. Goldman Sachs, BofA Merrill Lynch, Credit Suisse, Wells Fargo Securities, Citi, Deutsche Bank, Jefferies, J.P. Morgan and RBC Capital Markets were set to be the joint bookrunners on the deal.
