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TopSatelliteRadio.com : Articles : Howard Stern
June 25, 2004
Infinity May Sell 40 - 50 Stations
Viacom management tells Merrill Lynch's Jessica Reif Cohen that while the company has no plans to part with the entire 185-station Infinity radio group, the company may sell off some of Infinity's weaker properties. Viacom Chairman/CEO Sumner Redstone and CFO Rich Bressler revealed the plan during a Q&A conducted yesterday with Cohen, who believes paring down Infinity's station group would be good for Viacom. "Rationalizing underperforming stations in small to mid-sized markets - where clustering opportunities exist for buyers - should accelerate Infinity's growth rate," Cohen says in a report issued today, noting that despite Redstone's previously-announced plans to sell off some of Infinity's assets, she doesn't think the company will part with any of its large-market clusters. "Management continues to view radio as a fundamental component within the company's portfolio," Cohen says, adding, "Under [Viacom co-COO] Les Moonves' direction, we generally anticipate Infinity to be more focused in markets where divestitures do not occur, providing necessary marketing and promotion spending in concert with quality control."
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