{"id":13348,"date":"2017-02-02T07:00:34","date_gmt":"2017-02-02T13:00:34","guid":{"rendered":"http:\/\/www.robertfeder.com\/?p=13348"},"modified":"2017-02-02T09:12:05","modified_gmt":"2017-02-02T15:12:05","slug":"new-day-cbs-radio-entercom-merger","status":"publish","type":"post","link":"https:\/\/robertfeder.dailyherald.com\/2017\/02\/02\/new-day-cbs-radio-entercom-merger\/","title":{"rendered":"Entercom merger brings new day to CBS Radio Chicago"},"content":{"rendered":"
\"WBBM<\/a>

<\/a> WBBM Newsradio<\/p><\/div>\n

With the surprise merger of CBS Radio and Entercom announced Thursday, it\u2019s a whole new day for the seven Chicago radio stations in the CBS portfolio.<\/p>\n

Employees awoke to news of the $1.7 billion deal that will create a new company for all-news WBBM AM 780\/WCFS FM 105.9;<\/a> sports\/talk WSCR AM 670;<\/a> Top 40 WBBM FM 96.3; <\/a>country WUSN FM 99.5;<\/a> adult album alternative WXRT 93.1, <\/a>and classic hits WJMK FM 104.3.<\/a><\/p>\n

Encompassing 244 stations, including 23 of the top 25 markets, the combined company will be known as Entercom and headquartered in Philadelphia.<\/p>\n

Tim Pohlman, senior vice president and market manager of CBS Radio Chicago, did not respond to a request for comment.<\/p>\n

In a statement announcing the sale, Andre Fernandez, president and CEO of CBS Radio, said: \u201cToday marks the beginning of a new chapter for us as we join with an organization with an equally deep tradition in radio broadcasting. The opportunities for the new company are enormous \u2013 thanks to our combined collection of industry-leading stations and brands.\u201d<\/p>\n

Fernandez will continue until the transaction closes, expected in the second half of 2017, subject to government regulatory approval.<\/p>\n

Here is the text of the announcement:<\/strong><\/p>\n

CBS CORPORATION AND ENTERCOM ANNOUNCE MERGER OF CBS RADIO WITH ENTERCOM TO CREATE PREEMINENT RADIO PLATFORM<\/em><\/p>\n

Deal Creates Scale and Reach Across the U.S., with a Nationwide Footprint of 244 Stations, Including 23 of the Top 25 Markets<\/em><\/p>\n

New York, NY and Bala Cynwyd, PA\u2014Entercom Communications Corp. (NYSE: ETM) and CBS Corporation (NYSE: CBS.A and CBS) today announced that the companies have entered into an agreement by which Entercom will combine with CBS Radio in a tax-free merger. The transaction will create a preeminent radio platform, with a nationwide footprint of 244 stations, including 23 of the top 25 U.S. markets, as well as robust digital capabilities and a growing events platform.<\/em><\/p>\n

\u201cThis agreement is great for shareholders and achieves our previously stated objectives by separating our radio business in the best possible way,\u201d said Leslie Moonves, Chairman and Chief Executive Officer, CBS Corporation. \u201cEntercom is a superbly run company, and together with CBS Radio\u2019s powerful brands and remarkable people, we are creating an organization that will be even better positioned to succeed in this rapidly evolving media landscape.\u201d<\/em><\/p>\n

David J. Field, President and CEO of Entercom, who will lead the combined company, said, \u201cThese two great companies, with their impressive histories, complementary assets, and premier content and brands, are a perfect strategic and cultural fit, enabling us to deliver local connection on a national scale and drive accelerated growth. We look forward to welcoming our talented new colleagues at CBS Radio, and we have the utmost respect for their significant contributions to the industry.\u201d<\/em><\/p>\n

Mr. Field continued, \u201cRadio reaches more Americans than any other medium, and offers advertisers outstanding ROI and local activation. This transformational transaction creates scale- driven efficiencies and opportunities to compete more effectively with other media to better serve our listeners and our advertisers. The combination of a compelling strategic fit, an excellent balance sheet, and robust free cash flow generation, position us to create significant shareholder value for our investors.\u201d<\/em><\/p>\n

Andre Fernandez, who will continue as President and CEO of CBS Radio through the closing of the transaction, said, \u201cI couldn\u2019t be more proud of the CBS Radio team and all of the exciting breaking news, live events, and business initiatives happening every day across the country. Today marks the beginning of a new chapter for us as we join with an organization with an equally deep tradition in radio broadcasting. The opportunities for the new company are enormous \u2013 thanks to our combined collection of industry-leading stations and brands.\u201d<\/em><\/p>\n

The merger will create a leading local media and entertainment company with strong, complementary assets on a national scale, including:<\/em><\/p>\n