Entercom to Divest 14 in 7 Markets for Merger
| RADIO ONLINE | Wednesday, March 22, 2017 |
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The merger between Entercom and CBS Radio will result in Entercom exceeding the FCC's current ownership cap in seven of its markets. In a SEC filing, Entercom has proposed to divest, in connection with the closing of the merger, fourteen outlets in Boston, Los Angeles, Sacramento, San Diego, San Francisco, Seattle and Wilkes Barre-Scranton. None of the stations owned by CBS Radio will be divested prior to the merger's closing.
In the event that any radio station that is required to be divested, and is not divested at the closing of the merger, CBS Radio and Entercom have proposed to transfer the stations to a trustee. This trustee would then operate the stations temporarioly, while divesting the outlets once the merger has closed.
The SEC filings also noted that CBS Chiarman/President and CEO Leslie Moonves and CBS COO Joseph R. Ianniello, are proposed to be directors of Entercom following the merger. Moonves and Ianniello, the filing said, will each agree to resign from the board of directors of Entercom effective as of the earlier of (a) six months after closing of the merger and (b) the day prior to the first annual meeting of Entercom following closing of the merger.
