Entercom Communications has announced that it has entered into an agreement to divest three stations to Educational Media Foundation (EMF), including KSWD-FM 100.3 The Sound in Los Angeles, KSOQ-FM 92.1 in San Diego and WGGI-FM 95.9 in Wilkes-Barre. This transaction marks the first required divestitures related to Entercom’s pending merger with CBS Radio.
“We have made great progress towards the completion of our merger with CBS Radio and this agreement with EMF brings us one step closer to the finish line,” said David Field, President and Chief Executive Officer, Entercom. “We remain on track to close the CBS Radio transaction later this year and confident in the value-creating opportunities presented by this transformational combination.”
Based in Rocklin, California, EMF is a non-profit organization that operates radio networks specializing in adult contemporary Christian music, including K-LOVE and Air1. As of September 26, 2017, EMF owns and operates some 770 FM stations and translators.
With EMF adding to its footprint in Los Angeles, San Diego and Wilkes-Barre, EMF CEO Mike Novak commented, “We are particularly excited to see what God has in store for the people of Los Angeles, through our new station, Positive & Encouraging K-LOVE at 100.3 FM. The people at Entercom have been a joy making this purchase possible.”
On February 2, 2017, Entercom announced an agreement to combine with CBS Radio Inc. in an all-stock transaction which is expected to be tax-free to CBS and its shareholders. The merger will make Entercom a leading local media and entertainment company with a nationwide footprint of 240 stations, with strong positions in virtually all of the top 50 markets, as well as robust digital capabilities and a growing events platform.