Entercom Communications today announced a series of agreements in connection with its pending merger with CBS Radio including:
· 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;
· Asset exchange agreements with iHeartMedia and Beasley Broadcast Group in Boston, Seattle, Richmond and Chattanooga; and
· Local Marketing Agreements with Bonneville International Corporation in San Francisco and 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 Federal Communications Commission.
“Today’s announcements mark a significant milestone as we work to complete the transformational combination of Entercom and CBS Radio,” said David Field, 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, Entercom and CBS Radio have agreed to divest a total of 19 radio stations in the markets of 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.
In addition to the announced agreements with iHeartMedia and Beasley Broadcasting, Entercom has also announced a LMA agreement with Bonneville. Under the terms of the LMA, Bonneville will program four stations in San Francisco and four stations in Sacramento. The LMA will become effective upon the closing of the Entercom and CBS Radio merger. The complete list of stations in the LMA include CHR KVMG/San Francisco, Urban AC KBLX/San Francisco, AC KOIT/San Francisco, Classic Rock KUFX/San Francisco, Sports KHTK-AM/Sacramento, Country KNCI/Sacrament, AC KYMX/Sacramento and Hot AC KZZO/Sacramento.