BBC Worldwide is a commercial subsidiary of the BBC formed in 1995 to manage the BBC's commercial assets, such as selling BBC programming abroad to generate profits without relying on television licensing fees. It manages over-the-air television channels and magazines in countries around the world, and reorganized in 2013 into three geographic divisions for North America, the UK/Australia/New Zealand, and the rest of the world to streamline broadcasting distribution. Radio Times magazine and CBeebies TV channel specifically target audiences of BBC radio listeners/TV viewers and young children, respectively.