Merrill Lynch broadcast analyst Jessica Reif Cohen expects Google will team with a CBS Radio in a wide-ranging advertising deal. In a nutshell, Google would allow advertisers to bid for radio airtime using some of the same functionality as its online sales tool. But again, no deal has been announced.

Cohen estimated that a Google deal to sell 10% of CBS Radio’s advertising inventory would generate approximately $200 million in revenues and that the upside for CBS would be two-fold: “1) attracting new (likely smaller) advertisers to its platforms a la Google’s experience with search, and 2) creating a more efficient sales model that reduces the friction/cost of selling advertising.” [LostRemote]