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Entercom Shareholders Approve CBS Radio Merger
RADIO ONLINE | Wednesday, November 15, 2017 |
Shareholders of Entercom Communications approved a merger with CBS Radio on Wednesday that creates the nation's second largest radio operator with over 200 stations. The deal is expected to close on Friday, when the combined companies, to be called Entercom, will launch and cover close to 90% of persons 12+ in the top 50 markets. Entercom has the right to use CBS Radio branding for a year after the deal closes.
According to Philly.com, only four people attended the meeting that was chaired by Joseph Field, 85, the company founder whose son, David, now heads Entercom as President/CEO. Entercom has said it will cut about $100 million in costs as part of the merger, while reinvesting tens of millions of dollars into brand and data analytics.
In a memo to staff that was filed with the SEC, Field wrote that the Entercom and CBS Radio merger will create a national platform for advertisers, particularly for its sports shows. He called radio "the most undervalued medium in the U.S."
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