Tags: CBS | merge | Radio Business | Entercom

CBS to Merge Its Radio Business With Entercom

CBS to Merge Its Radio Business With Entercom

(DPC)

Thursday, 02 February 2017 12:02 PM

CBS Corp. will merge its radio business with Entercom Communications Corp. in a tax-free deal, which the companies said would create the second-largest radio broadcaster in the United States by revenue.

The merged entity will own 244 stations, including CBS Radio's 117 stations, with pro forma revenue of about $1.7 billion on a trailing 12-month basis.

CBS had said early last year that it would explore strategic alternatives for its radio business.

The combination will be done through a Reverse Morris Trust transaction, a tax-free deal in which one company merges with a spun-off unit.

CBS Radio shareholders will own 72 percent of the combined company, while Entercom shareholders will own the rest, following the completion of the deal, which is expected in the second half of 2017, the companies said in a statement.

The combined company will be known as Entercom and will be headquartered in Philadelphia.

 

© 2021 Thomson/Reuters. All rights reserved.


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CBS Corp. will merge its radiobusiness with Entercom Communications Corp. in a tax-freedeal, which the companies said would create the second-largestradio broadcaster in the United States by revenue.The merged entity will own 244 stations, including CBSRadio's 117 stations,...
CBS, merge, Radio Business, Entercom
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2017-02-02
Thursday, 02 February 2017 12:02 PM
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