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FCC Approves Entercom/CBSR Merger w/Conditions
RADIO ONLINE | Thursday, November 9, 2017 |
The FCC's Media Bureau has approved Entercom's merger with CBS Radio which, when consummated, will result in Entercom holding over 200 radio stations through its wholly-owned CBS Radio subsidiary. However, the approval is subject to certain conditions. First, in order to comply with the local radio ownership rule, the parties have filed seven Divestiture Applications seeking consent to the assignment of up to 19 full-power and six associated booster station licenses to the Entercom Divestiture Trust (EDT).
As part of the conditions:
Leslie Moonves and Joseph Ianniello must resign from the Entercom board of directors, and Entercom is directed to promptly notify the Commission in writing of such resignations.
The request for a temporary waiver is granted, but not to exceed 6 months in Miami and San Francisco. The request for a temporary waiver with regard to Entercom's interests in Kansas City, MO, is granted.
The transfer of control of Entercom Communications Corp. and CBS Corporation's CBSR shall take place subsequent to and/or simultaneously with the complete consummation of the assignment of licenses for the radio stations specified in the applications for consent to assignment of licenses from Entercom Communications and CBS Radp to The Entercom Divestiture Trust.
For any assignment or transfer of control applications consummated after October 1, 2017, but on or before March 2, 2018, the proposed Assignor/Transferor must file a biennial Form 323 or Form 323-E by the extended March 2, 2018, deadline. Ownership information should be reported as of October 1.
In the event that the Entercom Divestiture Trust has not submitted an acceptable application for the assignment of each station license that it holds in trust within six months of the acquisition of such station, it shall provide the Commission with a copy ofthe confidential report of the Trust Agreements submitted with the Divestiture Applications and shall continue to provide such reports at six-month intervals until all Trust Station licenses are assigned.
"We are energized and excited by today's announcement from the FCC. The Commission's approval marks a significant milestone on our path toward completing the transformational combination of Entercom and CBS Radio," said Entercom President/CEO David Field. "This brings Entercom an important step closer to our goal of delivering greater value for our listeners, customers and shareholders as a leading media and entertainment company with national scale and the No. 1 creator of live, original and local audio content."
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