Entercom Q4 Net Revs Double with CBS Radio Merger

RADIO ONLINE | Thursday, March 8, 2018

Entercom

Entercom reported fourth quarter results on Thursday, which included CBS Radio beginning on November 17 when the merger closed. Net revenues rose to $246.6 million as compared to $124.6 million in 2016. Operating income (OI) was a loss of $2.3 million, which was negatively impacted by $36 million from the merger. This compared to a OI of $30 million in Q4 2106. The company posted a net income of $232.4 million ($2.58 per diluted share) as compared to $10.8 million (27 cents) in the year-ago period.

President/CEO David J. Field stated, "We are making excellent progress toward our goals of capitalizing on our transformational merger and building a truly outstanding media and entertainment company. As the country's #1 creator of live, original, local audio content and with a premier collection of outstanding local radio stations, digital platforms and live events, we have the scale and capabilities to compete more effectively with other media for a larger share of ad dollars."

He continued, "We are off to a great start executing our game plan with important achievements in a number of areas including building a best-in-class leadership team and culture, growing our brands and ratings, executing our synergies, launching new sales tools and advocacy, and much more. We are very pleased with our progress and more excited than ever about the needle-moving opportunities ahead."

Concurrently, Entercom announced that its board of directors had approved a quarterly dividend on the company's stock of 9 cents per share. The dividend is payable on March 28, 2018 to shareholders of record as of the close of business on March 14.