Sandell Asset Management Corp. is pushing for a radio deal that would see two major players merge. The hedge fund has pitched CBS Corp. on a combination of its radio business with Cumulus Media Inc., sources told The Deal’s Senior Writer Chris Nolter. However, that idea could be a tough sell. CBS CEO Les Moonves has been positive about the radio assets, and Cumulus’s high leverage could be an obstacle to a deal, sources said. Still, the future of CBS’s radio business is a common topic of debate among investors and analysts. The Deal’s Senior Reporter Lisa Allen has the details from New York.
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