In a deal designed to create scale in the radio space, CBS Corp. today announced a merger between Entercom Communications and CBS Radio.
“The transaction will create a pre-eminent 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,” the companies said in their announcement.
Entercom is the parent company of more than 120 radio stations in 23 markets. CBS Radio, a division of CBS Corp., owns 117 radio stations in 26 markets, including all of the top 10 radio markets as ranked by Nielsen Audio, and has an extensive array of digital assets.
The combined company will be known as Entercom and will be headquartered in Philadelphia.
Commenting on the plan, Leslie Moonves, CBS Corp. chairman and CEO, said in the announcement: “This agreement is great for shareholders and achieves our previously stated objectives by separating our radio business in the best possible way. 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.”
Please click here for additional details in today’s announcement.