Entercom Communications Corp. reached a deal to buy CBS Corp.'s flagging radio unit, a business the media giant has been looking to shed for nearly a year.
The all-news KRLD-AM (1080) and sports radio "The Fan" KRLD-FM (105.3) are also part of CBS Radio as are "Jack FM" KJKK-FM (100.3), an adult hits station, KMVK-FM (107.5), a regional Mexican station, and KVIL-FM (103.7), which plays adult contemporary music.
"These two great companies, with their impressive histories, complementary assets, and premier content and brands, are a ideal strategic and cultural fit, enabling us to deliver local connection on a national scale and drive accelerated growth", said Entercom president and CEO David J. Field, who will lead the new entity.
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After a relatively quiet period in the second half of 2016, the radio merger and acquisition scene is rumbling back to life with the merger between CBS Radio and Entercom. The company will have stations in 23 of the top 25 markets including CBS' powerhouse news and sports outlets in New York, Los Angeles and Chicago.
CBS Radio shareholders will receive about 72 percent of the combined radio enterprise and Entercom's would own 28 percent.
CBS (CBS) wanted to sell its radio group, and then when no firm bidder appeared, planned to spin it off as a separately traded stock early this year.
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The combined company will have post-merger revenue of $1.7 billion and cash flow of almost $500 million.
On the nation level, CBS owns 117 radio stations while Entercome owns 127.
Call letters won't change as a result of the tax-free merger, the release said, and the move awaits approval from Entercom shareholders.
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