CBS is swapping the stations and US$170 million in cash for 7.59 million shares of CBS common stock held by Liberty Media. On February 26, 2007, CBS began investing in Electric Sheep, which is a virtual world content developer. CBS hired Electric Sheep to develop some projects, including the creation of "The L-Word in Second Life".
CBS Radio is one of the oldest units within CBS Corporation, and has been around since 1928. However, the actual CBS Radio Network (now CBS News Radio) was launched in 1927, when CBS itself was known as United Independent Broadcasters. Columbia Records later joined in and that company was renamed the Columbia Phonographic Broadcasting System.