Business

CBS Radio, Entercom Merge To Remain Competitive

CBS Radio, Entercom Merge To Remain Competitive

CBS had originally planned to spinoff its 117 radio stations, until talks quietly heated up with Entercom a few weeks ago.

CBS Corp.'s CBS Radio, which has been up for sale for the better part of the past year, will merge into Entercom Communications Corp., which owns several Denver radio stations.

CBS (CBS) wanted to sell its radio group, and then when no firm bidder appeared, planned to spin it off as a separately traded stock early this year. But the headquarters will be at Entercom's Bala Cynwyd offices, and the joint company will be run by David Field. "The combination of a compelling strategic fit, an excellent balance sheet, and robust free cash flow generation, position us to create significant shareholder value for our investors".

Entercom and CBS Radio, respective parent companies of WEEI and 98.5 The Sports Hub, announced a merger Thursday.

Field will remain CEO of the combined company.

Bank of England jerks 2017 GDP forecast higher
It added that a solid global economy, surging stock markets and cheap borrowing were also helping support growth. Inflation is already set to overshoot the Bank's 2 percent target in the coming months.

The combined companies' pro forma revenue on a trailing 12 months was approximately $1.7 billion.

Call letters won't change as a result of the tax-free merger, the release said, and the move awaits approval from Entercom shareholders.

What the merger means for the Boston audience isn't exactly clear, but FCC regulations limit the number of stations one entity can own per market, and Entercom said it must divest about 15 stations nationwide.

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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