Entercom operates WTPT (93.3 FM), WSPA (98.9 FM), WROQ (101.1 FM), WYRD (106.3 FM), WFBC (93.7 FM), WORD/WYRD (950/1330 AM – ESPN Upstate) and WFBC-HD2 (96.3 FM) out of its Greenville office. Entercom Upstate also carries Clemson Tiger sports and Carolina Panther football.
“To our listeners and advertisers, I don’t expect any significant changes,” said Steve Sinicropi, general manager of Entercom Upstate. “Once the deal closes, who knows?”
According to a news release, the merger will create a company with pro forma revenues of nearly $1.7 billion annually, based on both company’s individual trailing 12 month revenues. The tax-free merger will result in a combined company named Entercom with its headquarters in Philadelphia. Under the terms of the merger, CBS Radio shareholders will receive 72% of all outstanding shares of the combined company while Entercom shareholders will own 28% of the combined company.
“Entercom is a superbly run company, and together with CBS Radio’s powerful brands and remarkable people, we are creating an organization that will be even better positioned to succeed in this rapidly evolving media landscape,” said Leslie Moonves, CBS Corp. chairman and CEO, in the release.
The combined company will reach 23 of the nation’s top 25 markets with 244 stations. David Field, president and CEO of Entercom, will lead the new company and be chairman of the company’s new board.
“These 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,” Field said, in the release.
CBS Radio operates 117 radio stations in markets like Atlanta, Boston, Chicago, Los Angeles, Miami and New York.
The deal is subject to approval by Entercom shareholders and regulatory approvals. According to the release, Joseph Field, Entercom chairman and controlling shareholder, has agreed to vote in favor of the proposal. The transaction is expected to close in the second half of 2017.