On February 2, Entercom Communications Corporation and CBS Corporation announced that Entercom will take over CBS’ radio assets in a “tax free merger.” The combined company will be known as Entercom and will be headquartered in Philadelphia.
With the merger, Entercom enters Michigan with the acquisition of Detroit stations WWJ-AM, WDZH-FM, WOMC-FM, WXYT-AM/FM and WYCD-FM.
Nationwide, the combined company will have 244 stations as well as digital assets and events. Entercom will have stations in 23 of the top 25 U.S. markets.
When the deal is completed, the new board of directors will consists of five current Entercom directors, including current Entercom President and CEO David Field as Chairman of the Board, and four directors nominated by CBS Radio. Andre Fernandez will continue as president and CEO of CBS Radio through the closing of the transaction.
The transaction is expected to close during the second half of 2017, subject to certain regulatory approvals and other customary closing conditions.