CBS Radio IPO: Industry Position, Competitive Assessment, Valuation Estimates
As CBS Radio approaches an IPO, this 60-plus-page report offers a deep and detailed analysis of CBS Radio properties and the markets in which CBS Radio competes and delivers a valuation of CBS Radio under multiple approaches. Order this report to get an immediate, reliable and comprehensive assessment into the market opportunity and value of CBS Radio as it returns to being a separate radio-only public company.
“Valuable, insightful report! Expert analysis and insights into what is happening with the radio industry, large market competition and the net effect for the CBS Radio valuation.”
Jeff Smulyan, CEO, Emmis Communications
As CBS Radio approaches an IPO, questions around their viability as an independent public radio company and their ability to sustain a leading position are surfacing and must be answered.
Using BIA/Kelsey’s extensive proprietary industry data and under the direction of its expert valuation team, the report “CBS Radio as It Approaches the IPO: Industry Position, Competitive Assessment, Valuation Estimates,” examines CBS Radio at a critical moment offering insights, data and valuation assessments to help those tracking or involved in the IPO.
According to BIA/Kelsey data, in 2015, CBS Radio ranked second in U.S. radio revenue at $1.2 billion, generated by only a fraction of the number of stations owned by number-one-ranked iHeartMedia, with $2.6 billion. CBS Radio generates large revenue given its relatively small number of stations because it is concentrated in the major markets. CBS Radio also has dominant clusters in the eight largest radio markets in the nation and in many of its smaller markets.
What does all this mean for CBS Radio as they move forward as a private and separate radio-only public company?
This report provides insights into local advertising in the U.S. and into each of the 26 markets where CBS Radio operates. A unique and valuable component of the report is an estimation of the current value of the existing CBS Radio properties and entire company through alternative valuation techniques – guideline company analysis, discounted cash flow, and an examination of comparable radio station group sales.
The report is 61 pages and includes over 19 figures, 25 tables of charts and data.
Table of Contents:
- Executive Summary
- Local Advertising and Radio’s Position in This Marketplace
- Overview of the Radio Industry
- Audiences Reached by Local Radio Stations
- Overall Radio Station Industry Revenue Growth
- CBS Radio Group
- Regional Perspective of CBS Radio
- New York Radio Market
- Chicago Radio Market
- San Francisco Radio Market
- Houston Radio Market
- Washington, D.C., Radio Market
- Summary of CBS Radio Properties in Their Local Markets
- Valuation of CBS Radio
- Financial Statement Analysis
- Balance Sheets
- Income Statements
- Guideline Company Analysis
- Financial Statement Comparison
- Application of Valuation Multiples
- Discounted Cash Flow Analysis
- Comparable Radio Group Sales Analysis
BIA/Kelsey reviews the overall radio industry and provides a focus on CBS Radio, how it is positioned against its radio competitors, and how it is faring against other advertising platforms. The report also estimates the current value of the existing CBS Radio properties and entire company through alternative valuation techniques – guideline company analysis, discounted cash flow, and an examination of comparable radio station group sales. BIA/Kelsey concludes the report with an overall assessment of CBS Radio as it returns to being a separate radio-only public company.
Who Should Read This Report?
Equity analysts reviewing and participating in the IPO process
EVPS and VPs at radio and digital companies who monitor local advertising opportunities