CBS Radio, Entercom Merge To Remain Competitive

CBS president Les Moonves said a year ago that the company was looking for a buyer for its radio division, as it the radio industry continued to struggle with weak advertising sales.

Financial terms of the deal, expected to close in the second half of this year, were not released.

Four Pittsburgh stations, including landmark KDKA-AM, are part of the deal.

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Entercom President and CEO David J. Field will lead the combined company. After the exchange, CBS Radio will merge with an Entercom subsidiary and CBS Radio shareholders will receive 72 percent of outstanding Entercom shares, about 105 million shares.

CBS is around three times the size of Entercom, and CBS investors, including JPMorgan and the Vanguard mutual funds, will hold of most shares in the combined company.

The tax-free merger will form a company with a nationwide footprint of 244 stations, including 23 of the top 25 US markets, and a growing events platform. "Entercom is a superbly run company, and together with CBS Radio's powerful brands and remarkable people, we are creating an organization that will be even better positioned to succeed in this rapidly evolving media landscape".

Nadal survives Dimitrov in five hour epic to meet Federer in final
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Changes could soon be coming to the ever-tempestuous Boston sports talk radio scene.

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.

Entercom does not own stations in Maryland.

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