Entercom Strikes a Deal to Buy CBS Radio

Entercom Communications Corp., the Bala Cynwyd radio chain founded by Joseph Field and run by his son David, is merging operations with CBS Corp.'s radio stations in a tax-free deal, the companies said today.

The deal, subject to regulatory approvals and a vote by Entercom's board, is expected to close in the second half of the 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.

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Field, president and CEO of Entercom (NYSE: ETM), will lead the combined company.

Existing CBS shareholders will be allowed to exchange shares for CBS Radio shares. The complex merger agreement that will leave CBS shareholders with 72% of the enlarged Entercom is said to have come together in the past few weeks.

Radio giant Entercom, the parent company of sports talk radio WEEI, has bought its arch-rival The Sports Hub, WBZ-AM and other CBS Radio stations, the Herald reported.

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According to CBS, the deal is created to be tax-free to CBS shareholders through a complex process known as a reverse Morris trust, which begins with an offer to existing CBS Corp. shareholders to exchange their stock for shares in the enlarged Entercom.

The combined company will have post-merger revenue of $1.7 billion and cash flow of almost $500 million.

CBS had been pursuing a separation of its radio unit in some form.

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The combined companies will be the #2 US radio station group with 244 stations in most big-city markets bringing $1.7 billion a year.


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