Entercom Enters into Definitive Exchange Agreement to Acquire NASH FM 94.7 in New York and Two Stations in Springfield, MA
PHILADELPHIA–(BUSINESS WIRE)–Entercom Communications Corp. (NYSE: ETM), a leading media and
entertainment company and one of the two largest radio broadcasters in
the United States, today announced a definitive agreement to acquire
NASH FM 94.7 in New York City, and two stations in Springfield, MA from
Cumulus Media Inc. (Nasdaq: CMLS) in exchange for Entercom’s
three-station cluster in Indianapolis. The transaction is immediately
accretive to Entercom.
“We are excited to add NASH FM 94.7 to our outstanding lineup in New
York City and to add WMAS and WHLL to our cluster in Springfield. These
additions will enhance our ability to serve our listeners, partners and
communities,” said David Field, Chairman, President and Chief Executive
Officer, Entercom. “We are saddened to part ways with our colleagues in
Indianapolis, but know that they will be in great hands.”
The acquisition of NASH FM 94.7 in New York is a complementary addition
to Entercom’s existing portfolio in the #1 media market in the
country. Entercom’s portfolio currently includes 1010 WINS and WFAN, the
#1 most listened to all news station and sports station in the U.S.,
respectively, as well as WCBS-FM 101.1, WCBS 880, ALT 92.3 and New 102.7
The parties will begin programming the respective stations being
acquired under Local Marketing Agreements on Friday, March 1, 2019. The
exchange transaction is expected to close in the second quarter of 2019.
About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is a leading American media
and entertainment company reaching and engaging over 170 million people
each month through its premier collection of highly rated, award winning
radio stations, digital platforms and live events. As one of the
country’s two largest radio broadcasters, Entercom offers integrated
marketing solutions and delivers the power of local connection on a
national scale with coverage of close to 90% of persons 12+ in the top
50 markets. Entercom is the #1 creator of live, original, local audio
content and the nation’s unrivaled leader in news and sports radio.
Learn more about Philadelphia-based Entercom at www.entercom.com,
Facebook and Twitter (@Entercom).