One Step Closer: CBS has launched the exchange offer for the separation of CBS Radio as the merger with Entercom nears. “We are very pleased to be taking this important step toward the split-off of our radio business,” says Chairman/CEO Leslie Moonves. “This will give equity holders the opportunity to invest in what we believe will be a best-in-class radio company, with top assets and a terrific management team." See the full filing with the SEC here. In an Entercom memo, CEO David Field adds, "Our merger still requires regulatory consent from various government agencies. We remain optimistic that we will receive their approvals in a timely manner and close our merger in the fourth quarter, possibly as early as Nov. 17, the day after the CBS exchange offer is scheduled to conclude."