Merger Catapults Bala Cynwyd’s Entercom To American Radio Zenith
After spending the better part of a year looking for a new owner, CBS Radio is planning to merge with Bala Cynwyd’s Entercom Communications within the next six months, writes Jeff Blumenthal for Philadelphia Business Journal.
The combined company will be led by David J. Field, president and CEO of Entercom. This latest addition will give Entercom a nationwide footprint of 244 stations, including 23 of the top 25 U.S. markets making it the country’s second largest radio company.
Once merged, the combined company will operate under the Entercom name. Its headquarters will remain in Bala Cynwyd in conjunction with CBS Radio’s New York headquarters.
CBS shareholders will control 72 percent of the merged company’s shares, with Entercom shareholders holding 28 percent and retaining five of the nine board members including Field as Chairman.
“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,” said Field.
CBS Corp. Chairman and CEO Leslie Moonves emphasized that this deal is great for the company’s shareholders as it achieves their objective of separating the radio business in the best possible way.
Read more about Sons of Ben at Philadelphia Business Journal by clicking here.
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