The companies said in a joint announcement that CBS will take over the operation of AOL's radio business to form a combined network of at least 350 stations.
AOL's 200 radio stations will operate under the CBS Radio brand and will use its new parent company's advertising systems, including TargetSpot.
AOL will not, however, completely abandon its radio operations. The company vowed to continue working with CBS to develop a new media player application, and to increase support for Mac OS systems.
"This partnership with CBS Radio reconfirms our commitment to the expanding online radio audience," said AOL executive vice president Kevin Conroy.
The move is the latest attempt by AOL to reform itself from an ISP into a web content giant.
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