CBS Radio, which operates 117 radio stations in 26 US markets, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, we estimate that the deal could raise $500 million.

Parent CBS is reportedly pursuing the dual track process. CBS spun off its billboard advertising unit, Outfront Media ( OUT ) in a March 2014 IPO.

The New York, NY-based company was founded in 1928 and booked $1.2 billion in sales for the 12 months ended March 31, 2016. It has not yet announced a ticker or exchange. Underwriters have not been disclosed at this point . No pricing terms were disclosed.

The article Heard it on the radio: CBS Radio files for an estimated $500 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.