Entercom Enters into Definitive Agreement to Complete the Final U.S. Department of Justice Required Dispositions Relating to CBS Radio Merger
PHILADELPHIA, PA – August 3, 2018 – Entercom Communications Corp. (NYSE: ETM), a leading media and entertainment company and one of the two largest radio broadcasters in the U.S., today announced a definitive agreement to sell certain radio stations in San Francisco and Sacramento to Bonneville International Corporation (“Bonneville”) for $141 million in cash. The stations being disposed have been held in an FCC disposition Trust and have been operated by Bonneville under Local Marketing Agreements (“LMA”) since the closing of the Company’s merger with CBS Radio, Inc. These stations are:
|San Francisco||KMVQ-FM||Top 40|
|San Francisco||KBLX-FM||Urban Adult Contemporary|
|San Francisco||KOIT-FM||Adult Contemporary|
|San Francisco||KUFX-FM||Classic Rock|
|Sacramento||KZZO-FM||Hot Adult Contemporary|
This transaction, which is expected to close this year either late in the 3rd quarter or early in the 4th quarter, will complete the dispositions required by the U.S. Department of Justice in connection with the Company’s merger with CBS Radio, Inc.
About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is a leading American media and entertainment company reaching and engaging over 100 million people each week through its premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, Entercom offers integrated marketing solutions and delivers the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio. Learn more about Philadelphia-based Entercom at www.audacyinc.wpengine.com, Facebook and Twitter (@Entercom).