Philly Radio: 'Crown Jewel of Radio' Sold

It’s an end of an era in Philadelphia radio is how philly.com calls it.

Entercom, which is based in nearby Bala Cynwyd announced Thursday that it was purchasing WBEB 101.1 More FM from Jerry Lee Radio LLC for $57.5 million. More FM was the last major independent station in the country.

More FM, which was rebranded from B101 in 2013 and is well-known for shifting to an all-Christmas-music format every December, generally ends each month as the top-ranked station in the Philadelphia market, according to Nielsen ratings.

“We are very pleased to add the legendary WBEB, one of the country’s most recognized and awarded stations, to our group,” Entercom CEO David Field said in a statement. “I tip my cap to Jerry Lee, one of the industry pioneers and a visionary leader who built ‘B101’ into such a special station and has done so much for radio over the decades.”

Lee, the chairman of More FM who first joined the station shortly after it was founded as WDVR in 1963 by former partner David L. Kurtz, also praised Entercom and said his employees and the “crown jewel of Philadelphia radio” will be in good hands.

“I’ve known them forever. I just think the world of the family,” Lee said. “Once you’re on top as a dominant station, you’ve really got to screw things up to lose that spot.”

To make room for the station, Entercom is selling the country-music station WXTU 92.5 FM to Beasley Media Group, which owns six stations in the Philadelphia market. According to Beasley, that deal is worth $38 million.

“Unfortunately, we have had to make some difficult choices,” Entercom senior vice president David Yadgaroff said in an email announcing the deal obtained by the Inquirer and Daily News. Field said employees at the station “will be in great hands.”