MUMBAI: CBS Corporation has signed a definitive agreement to sell four of its owned radio stations in Portland, Oregon, KINK-FM (Adult Album Alternative), KUPL-FM (Country), KUFO-FM (Active/Alternative Rock) and KCMD-AM (Talk), to Alpha Broadcasting for $40 million in cash.

"I am pleased that we were able to secure another attractive deal for our valuable radio assets. With this sale of our Portland stations – our third deal in the past eight months for a total of twelve station sales – we’re another step closer to our goal of focusing primarily on the nation’s largest markets where we see the most long-term promise. The marketplace for station sales is improving, so we expect to make further progress on\ that goal going forward," said CBS Radio president and CEO Dan Mason.

Alpha Broadcasting chairman and CEO Larry Wilson added, "The purchase of these great stations is a perfect complement to the acquisition of news talk KXL-AM  and KXTG-FM in Portland. With this dynamic cluster, Alpha will be able to serve a wide array of Portland residents. The mission of Alpha Broadcasting is to provide entertaining, informative,  and compelling programming for the people of Portland, and to produce fantastic results for the Portland advertisers we serve while being upstanding citizens of the community."

The transaction is subject to customary conditions, including regulatory and other approvals.