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Entercom Inks Settlement with DOJ Over CBS Merger
RADIO ONLINE | Wednesday, November 1, 2017 |
Entercom Communications announced a series of agreements in connection with its pending merger with CBS Radio Inc. including a settlement with the Antitrust Division of the U.S. Department of Justice (DOJ) that will allow Entercom and CBS Radio to move forward with the proposed combination. It also inked asset exchange agreements with iHeartMedia and Beasley Broadcast Group in Boston, Seattle, Richmond and Chattanooga along with LMAs with Bonneville in San Francisco and Sacramento.
In connection with the agreements, Entercom now expects its proposed combination with CBS Radio to close as early as November 17, pending approval from the FCC.
"Today's announcements mark a significant milestone as we work to complete the transformational combination of Entercom and CBS Radio," said Entercom President/CEO David Field. "While it is necessary to divest certain stations in order to secure regulatory approval, it is difficult to part ways with so many strong brands and, most importantly, their talented people. However, we are excited by the terrific new additions to our lineup that will bolster our position in Boston and expand our footprint in the Southeast. We look forward to unlocking the potential of the combined company to deliver value for our listeners, customers and shareholders."
Including the previously announced agreement by Entercom to divest three stations to Educational Media Foundation (EMF), Entercom and CBS Radio have agreed to divest a total of 19 radio stations in the markets of Boston, Los Angeles, Sacramento, San Diego, San Francisco, Seattle and Wilkes Barre. Collectively, Entercom will receive 11 stations in the Boston, Chattanooga and Richmond markets.
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