CBS to sell 50 radio stations

CBS Corp CEO Leslie Moonves said Thursday the company is putting 50 radio stations in 12 markets on the block in a move to combat a sour economy, which is squeezing local advertising. The stations, which make up 15% of CBS' radio revenue, are in mid-sized markets, allowing the company to focus on large markets where there's better chance for growth. CBS will use the proceeds to buy back stock. The company's also ramping up its web presence through CNET Networks, which it acquired in May for $1.8 billion in cash.