Entercom Communications Corp. today announced receipt of approval from the Federal Communications Commission to complete the proposed tax-free combination with CBS Radio. The FCC’s order concluded that granting its approval to the merger and transfer applications related to the combination of Entercom and CBS Radio will serve the public interest, convenience and necessity.
“We are energized and excited by today’s announcement from the FCC. The Commission’s approval marks a significant milestone on our path toward completing the transformational combination of Entercom and CBS Radio,” said David Field, President and Chief Executive Officer, Entercom. “This brings Entercom an important step closer to our goal of delivering greater value for our listeners, customers and shareholders as a leading media and entertainment company with national scale and the No. 1 creator of live, original and local audio content.”
As previously announced, CBS Corporation launched an exchange offer for the separation of its radio business as part of the agreement to combine CBS Radio and Entercom, which is scheduled to expire at 11:59 p.m., New York City time, on November 16, 2017, unless the exchange offer is extended or terminated.
On February 2, 2017, Entercom announced an agreement to combine with CBS Radio 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 235 stations, with coverage of close to 90% of persons 12+ in the top 50 markets, as well as robust digital capabilities and a growing events platform, and the unrivaled leader in news and sports radio.
Entercom expects its proposed combination with CBS Radio to close as early as November 17, 2017.