Deal Done: Entercom Closes On CBS Radio

Entercom Communications Corp. today announced that it has completed its merger with CBS Radio Inc., creating a leading American media and entertainment company and one of the top two radio broadcasters in the country.

David Field

Entercom is now the #1 creator of live, original, local audio content in the United States and the nation’s unrivaled leader in news and sports radio. With a nationwide footprint of 235 stations, Entercom will engage over 100 million people weekly with a premier collection of highly-rated, award-winning radio stations, digital platforms and live events.

“We are thrilled to officially close our transformational merger with CBS Radio and welcome their talented employees and iconic brands to Entercom,” said David Field, Entercom’s President and Chief Executive Officer.

“We look forward to capitalizing on our unique positions in sports, news, music, podcasting, live events, digital and more to provide outstanding experiences for our listeners and compelling integrated marketing opportunities for our advertisers. We now have the scale and capabilities to drive meaningful growth and to compete more effectively with other media for a larger share of advertising dollars. We also look forward to helping to elevate the Radio industry, which remains massively undervalued by advertisers despite having emerged as America’s #1 Reach medium, delivering outstanding ROI to customers.”

Les Moonves

CBS Corporate today also announced the completion of the split-off of CBS Radio Inc., which was merged with a subsidiary of Entercom Communications through a “Reverse Morris Trust” transaction. The closing of the merger followed the previously announced expiration of the Company’s exchange offer. As a result of the merger, participating CBS stockholders will receive one share of Entercom Class A common stock in exchange for each whole share of CBS Radio common stock they received in the exchange offer.

“The separation of our radio business is part of a broader strategy to make CBS even more focused on our content and all the ways we can monetize it,” said Leslie Moonves, Chairman and Chief Executive Officer, CBS Corporation.

“We started on this path several years ago with the split-off of our outdoor advertising business. And just as we did with outdoor, we believe our radio transaction will allow us to unlock more value for our shareholders and further grow our revenue. As a result, we think CBS will be even better positioned to take advantage of all the new growth opportunities before us, and we feel very good about our future as a pure content Company.”