Here’s Another Sign CBS Radio’s Spin Is Imminent
Looking for more clues as to when CBS Radio will split from its parent CBS Corporation?
How about the division’s appointment of a new Chief Financial Officer, who officially took on his new role Monday (11/14).
With the naming of Time Warner Cable veteran executive Matthew Siegel as CFO, a Q4 spin is looking likelier than ever for CBS Radio.
Siegel will direct and oversee all financial functions of the business, including treasury, investor relations, financial planning, corporate accounting and risk management. He will be doing these tasks essential to a stand-alone company from the New York headquarters and reports directly to CBS Radio President Andre Fernandez.
“As we prepare to separate from our parent company – one of the most exciting and impactful events in CBS Radio’s history – it is more important than ever that we remain competitive and consistently deliver value to our key stakeholders,” Fernandez said. “Matt’s broad financial experience serving top media organizations will help position us for continued success.”
Siegel added that he is excited to join CBS Radio, continuing a 25-year career that includes several roles at Time Warner Cable. He most recently served as co-CFO and Treasurer through its merger period with Charter Communications.
Prior to that, he was SVP and Treasurer, holding the roles since just prior to TWC’s separation from AT&T takeover target Time Warner.
The selection of Siegel comes right after the news that CBS Radio has promoted SVP/Sales Bob Philips to the new role of Chief Revenue Officer, and on the heels of comments made last week at the Wells Fargo Securities Technology, Media & Telecom conference in New York that a spin is on the fast track to occur before the end of the calendar year.
RBR + TVBR