I mean, the idea that a famous station like WBCN would someday disappear from the dial is pretty far-fetched. But CBS has to do right by its shareholders. It can't keep the company's radio model intact simply for the sake of conserving tradition.

Nope, not when you consider how far shares of CBS have fallen during the gloomy contraction. And take a look at the media company's recent earnings. They weren't pretty. Also, don't forget that CBS, which used to be a very attractive stock for income investors, had to cut its dividend.

So, as you can see, management has to do what it thinks will be best for shareholder value. Apparently, the company feels an all-sports asset will work better financially than WBCN's current paradigm. Like I said, radio is a tough business these days, and companies that are exposed to it know that the future could be bleak. Disney (NYSE: DIS) certainly read the writing on the wall a couple years ago. Remember when the Mouse dumped some radio assets on Citadel? Since I've owned Disney for a long time, I can definitely remember receiving my Citadel stock dividend at the time. I immediately sold all the shares I got as soon as I could (thankfully). And if you want more reinforcement of the idea that radio is not where it's at, check out Beth Gaston Moon's recent piece on the subject.

Whether it's CBS or Sirius XM (NASDAQ: SIRI), radio just hasn't made investors money. Poor 104.1. Many fans will recall with fondness the days of Charles Laquidara and his morning show, of listening to Howard Stern when he finally made his way to Beantown. I'm sure more than a few people out there heard their first Devo song on the venerable station (talk about nostalgia!).

Oh well. Times, they do change. CBS will continue to experiment with its radio model. As for the stock, I've been watching it for a trade, but so far haven't made any moves on the idea. I'll wait to see what the next earnings report brings.

Disclosure: I own Disney; positions can change without notice.