Entercom Communications Corp. announced a series of agreements that will smooth out the last remaining hurdles to its pending merger with CBS Radio Inc. — 1) A settlement with the Antitrust Division of the U.S. Department of Justice that will allow Entercom and CBS Radio to move forward with the proposed combination; 2) Asset exchange agreements with iHeartMedia, Inc. and Beasley Broadcast Group, Inc. in Boston, Seattle, Richmond and Chattanooga (more on those in a moment) and a surprise entry at No. 3) Established LMAs with Bonneville International Corporation in San Francisco-San Jose and Sacramento — Bonneville will assume operational control of Top 40 KMVQ (99.7 NOW), Urban AC KBLX and AC KOIT/San Francisco, Classic Rock KUFX (98.5 K-Fox)/San Jose, and Country KNCI, AC KYMX (Mix 96), Hot AC KZZO (NOW 100.5) and Sports-Talk KHTK-AM/Sacramento.
Concurrent with these moves, Bonneville is transferring Seattle Market Manager Carl Gardner to San Francisco. David Pridemore, Director of Sales at Bonneville Seattle, will replace Gardner as Market Manager. Steve Cottingim will remain Market Manager in Sacramento.
In connection with these agreements, Entercom now expects its proposed combination with CBS Radio to close as early as November 17, pending approval from the FCC. “Today’s announcements mark a significant milestone as we work to complete the transformational combination of Entercom and CBS Radio,” said David Field (left), President and Chief Executive Officer, Entercom. “While it is necessary to divest certain stations in order to secure regulatory approval, it is difficult to part ways with so many strong brands and, most importantly, their talented people. However, we are excited by the terrific new additions to our lineup that will bolster our position in Boston and expand our footprint in the Southeast. We look forward to unlocking the potential of the combined company to deliver value for our listeners, customers and shareholders.”
Including the previously announced agreement by Entercom to divest three stations to Educational Media Foundation (EMF), Entercom and CBS Radio have agreed to divest a total of 19 radio stations in Boston, Los Angeles, Sacramento, San Diego, San Francisco, Seattle and Wilkes-Barre. Collectively, Entercom will receive 11 stations in the Boston, Chattanooga and Richmond markets.