The newspaper says the first step would be a spinoff of the CBS billboard division. That has fueled the fire that a radio acquisition would follow, although likely not for another year or two.

The Post says the buyout would likely fall to the hands of Cumulus, and honcho Lew Dickey. Taking over the CBS Radio properties would make Cumulus comparable in size to Clear Channel.

The Cumulus/CBS deal is not far-fetched. The Atlanta-based radio company has joined forces with CBS to help the CBS Sports Radio network take off.

However, a CBS spokesperson would not play the rumor game, telling the Post, “We just bought a major station in New York and launched the CBS [Sports] Radio network. We are not selling CBS Radio.”

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