Home Login RADIO ONLINE RSS Facebook
Find Radio Online
AM FM HD

Advertisement

Entercom Q2 Net Revenues Up 3%, Declares Dividend


Entercom Communications reported second quarter net revenues increased 3% to $125 million from $121.6 million in 2016. Operating income fell to $16.4 million from $27.6 million while same station net revenues grew 1% excluding political. Adjusted EBITDA decreased 13% to $26.7 million. Net income per diluted share was 15 cents as compared to a net income 26 cents in the year-ago period. As permitted under its merger agreement with CBS Radio, the company will pay a special one-time dividend of 20 cents per share on August 30 to shareholders of record on August 15. This in addition to a regular quarterly dividend of 75 cents per share to be paid on September 15.

President/CEO David J. Field stated, "We continue to make great progress in our planning for our transformational merger with CBS Radio that will make us the #1 provider of original, local audio content in the U.S. and create the scale to compete with other media for a larger share of ad spending. As we meet with clients, agencies, and strategic partners, we are more confident than ever about the value-creating opportunities ahead."

He continued, "Second quarter revenues increased 3% as reported, and up 1% on a same-station basis ex-political. Expenses were up more than usual due to our acquisition in Charlotte, some significant one time only expenses and additional costs related to building the organization in anticipation of the merger. We expect expense growth to recede in the 3rd quarter and look for meaningful margin expansion post-closing."

Second quarter results also include $5.8 million in merger and acquisition costs related to the company's pending acquisition of CBS Radio, which were primarily for legal and consulting services.

Advertisement

Latest Radio Stories

High Plains Radio Network Seeks Chapter 11 Bankruptcy
High Plains Radio Network
High Plains Radio Network
High Plains Radio Network, a broadcaster operating in Texas, Arkansas and New Mexico, is seeking Chapter 11 bankruptcy protection. With its petition filed in the Northern District of Texas, the company disclosed debts and assets each ranging between More

Kansas House Endorses AM Radio for Every Vehicle Act
Kansas Association of Broadcasters
Kansas Association of Broadcasters
The Kansas House made a significant show of support for Kansas broadcasters and AM radio by passing House Concurrent Resolution 5026, with a 109-14 vote. The resolution endorses the Federal AM Radio for Every Vehicle Act. The measure, proposed in More

Share of Time Spent Listening to Radio Sources In-Car
Edison Research
Edison Research
Last year, Edison Research's Share of Ear was able to pinpoint the moment when daily time spent with on-demand audio passed time spent with linear audio overall in the U.S. In fact -- on demand had passed linear in every location years earlier -- More
Advertisement

vCreative and Evvnt Announce vTickets Reseller Partnership
vCreative vTickets
vCreative vTickets
vCreative has teamed up with Evvnt, the Events Commerce Platform, to introduce vTickets through a reseller agreement. This partnership unlocks new revenue streams for radio stations by enhancing ticketing and promotions opportunities via a suite of More

Tyler Murray Joins WEEI's Red Sox Radio Booth
Tyler Murray
Tyler Murray
Veteran New England sports talent Tyler Murray joins WEEI/Boston's radio booth covering the Red Sox for games this season. The Worcester Red Sox broadcaster, who has also been heard for years calling college hockey games, football and basketball More

Audacy Podcasts Launches ''Who Killed the Video Star?''
''Who Killed the Video Star? The MTV Story''
''Who Killed the Video Star? The MTV Story''
Audacy Podcasts launches "Who Killed the Video Star? The Story of MTV," an eight-part original series exploring the cultural history, impact and phenomenon of MTV. The series is hosted by former MTV VJ and Esquire Editor-at-Large Dave Holmes. The More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Quick Snaps
Benztown: Benztown was at Radiodays Europe 2024, which was held in Munich on March 17-19th. Benztown hosted a well-attended party for customers and partners during Radiodays Europe 2024 on Monday, March 18. Pictured is a traditional Volksmusik band performed for Benztown party attendees at Munich's Augustiner-Keller restaurant. In front in black shirt raising a glass is Oliver Klenk, Head of Production & Composition, and to his right, also in black shirt, is Stephan Halfpap, General Manager, Maxmedia, Austria.

Advertisement

Advertisement