Entercom Communications Corp. earned approval from the antitrust division of the U.S. Department of Justice to complete its $1.7 billion acquisition of CBS Radio by reaching agreements to swap stations with competitors in numerous markets, writes Jeff Blumenthal for Philadelphia Business Journal. 

As a result, Bala Cynwyd-based Entercom (NYSE: ETM) expects the CBS deal to close as early as Nov. 17, pending approval from the Federal Communications Commission.

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The company agreed to swap stations with iHeartMedia Inc. (PINK: IHRT) and Beasley Broadcast Group (NASDAQ: BBGI) in Boston, Seattle, Richmond, Va., and Chattanooga, Tenn., and enter local marketing agreements with Bonneville International Corp. in San Francisco and Sacramento, Calif. The divestitures were necessary because Entercom would have owned stations in seven markets in excess of the limits set forth in the FCC’s local radio ownership rule.

“Today’s announcements mark a significant milestone as we work to complete the transformational combination of Entercom and CBS Radio,” Entercom CEO David Field said in a statement. “While it is necessary to divest certain stations in order to secure regulatory approval, it is difficult to part ways with so many strong brands and, most importantly, their talented people. However, we are excited by the terrific new additions to our lineup that will bolster our position in Boston and expand our footprint in the Southeast. We look forward to unlocking the potential of the combined company to deliver value for our listeners, customers and shareholders.”

To read the complete story click here. 

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