Entercom Enters Into Definitive Exchange Agreement to Acquire NASH FM 94.7 in New York and Two Stations in Springfield, MA
PHILADELPHIA, PA – February 13, 2019 – Entercom Communications Corp. (NYSE: ETM), a leading media and entertainment company and one of the two largest radio broadcasters in the United States, today announced a definitive agreement to acquire NASH FM 94.7 in New York City, and two stations in Springfield, MA from Cumulus Media Inc. (Nasdaq: CMLS) in exchange for Entercom’s three-station cluster in Indianapolis. The transaction is immediately accretive to Entercom.
“We are excited to add NASH FM 94.7 to our outstanding lineup in New York City and to add WMAS and WHLL to our cluster in Springfield. These additions will enhance our ability to serve our listeners, partners and communities,” said David Field, Chairman, President and Chief Executive Officer, Entercom. “We are saddened to part ways with our colleagues in Indianapolis, but know that they will be in great hands.”
The acquisition of NASH FM 94.7 in New York is a complementary addition to Entercom’s existing portfolio in the #1 media market in the country. Entercom’s portfolio currently includes 1010 WINS and WFAN, the #1 most listened to all news station and sports station in the U.S., respectively, as well as WCBS-FM 101.1, WCBS 880, ALT 92.3 and New 102.7 FM.
The parties will begin programming the respective stations being acquired under Local Marketing Agreements on Friday, March 1, 2019. The exchange transaction is expected to close in the second quarter of 2019.
About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is a leading American media and entertainment company reaching and engaging over 170 million people each month 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).