Denver radio station owner Entercom to take over CBS Radio

Maxine SotoFeb 03, 2017

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.

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. The complex merger agreement that will leave CBS shareholders with 72% of the enlarged Entercom is said to have come together in the past few weeks. After the merger, the new company will be known as Entercom and will be led by Entercom president and CEO David Field. CBS stockholders can exchange all, some or none of their CBS shares for CBS Radio shares. Existing Entercom shareholders will own 28 percent of the combined company.

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

The companies said they posted pro forma adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, of almost $500 million on roughly $1.7 billion in revenue over the past 12 months. The company will have stations in 23 of the top 25 markets including CBS' powerhouse news and sports outlets in New York, Los Angeles and Chicago.

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For comparison, iHeartMedia (formerly Clear Channel Radio) owns a total of around 850 stations in 150 markets across the country, while Cumulus owns around 450 stations across 90 markets.

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