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Entercom to buy stations from CBS and Radio One

T

Tig1150

Entercom Signs Definitive Agreements to Acquire Radio Stations in Four Markets from CBS and an FM Station in Boston from Radio One

Monday August 21, 8:58 am ET press release

BALA CYNWYD, Pa.--(BUSINESS WIRE)--Aug. 21, 2006--Entercom Communications Corp. (NYSE: ETM - News) today announced the signing of definitive agreements to acquire radio stations in four markets from CBS Corporation (NYSE: CBS.A - News and CBS - News) for $262 million in cash. Entercom also announces the signing of a definitive agreement to acquire an FM station in Boston from Radio One, Inc. (NASDAQ: ROIAK - News and ROIA - News) for $30 million in cash.

[EDIT-paragraph truncated because source material appears to be copyrighted (in violation of radio-info's TOS). In the future please provide URL so that interested readers may follow conclusion of story]

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company's filings on forms 8-K, 10-Q and 10-K with the U.S. Securities and Exchange Commission. Readers should note that these statements may be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting.
 
Tig1150 said:
Entercom Signs Definitive Agreements to Acquire Radio Stations in Four Markets from CBS and an FM Station in Boston from Radio One

Monday August 21, 8:58 am ET press release

BALA CYNWYD, Pa.--(BUSINESS WIRE)--Aug. 21, 2006--Entercom Communications Corp. (NYSE: ETM - News) today announced the signing of definitive agreements to acquire radio stations in four markets from CBS Corporation (NYSE: CBS.A - News and CBS - News) for $262 million in cash. Entercom also announces the signing of a definitive agreement to acquire an FM station in Boston from Radio One, Inc. (NASDAQ: ROIAK - News and ROIA - News) for $30 million in cash.

[EDIT-paragraph truncated because source material appears to be copyrighted (in violation of radio-info's TOS). In the future please provide URL so that interested readers may follow conclusion of story]

[/b]
Click to expand...
 
"13 out of 17 radio stations in Rochester will be owned by either Clear Channel and Entercom"

"two media companies will own over 98% of the radio stations in Rochester"

I believe in 1995 and 1996 (and again...well, every year since), media companies have been complaining that they need fewer ownership caps to battle other media, and that this will increase competition.

98% owned by two companies; 13 out of 17 stations in one market.

Yeah, that's increased competition alright.
 
Wrong About Rochester

Hold on a minute. Entercom will have to divest some stations to complete the purchase. They'll be allowed to own 4 FMs, and they have one AM in the fold. They could add a second AM, but the limit of 4 FMs stands. The only question is whether Fickle in Fairport is considered to be part of the Rochester market. If not, they could end up with 5 FMs in the area.

Expect another Rochester owner to emerge and pick up the leftovers. See the Buffalo/Rochester discussion for more details.
 
Re: Wrong About Rochester

SirRoxalot said:
The only question is whether Fickle in Fairport is considered to be part of the Rochester market. If not, they could end up with 5 FMs in the area.
Click to expand...

Of course Fairport is considered part of the Rochester market. Even WYSL, which is located 35 miles south of Rochester, is considered part of the Rochester market. Hell I can see Fickle's towers from my house in Webster. And Webster is 13 miles from downtown Rochester.
 
Thanks for the clarification. Rochester is the only market that won't have Entercom take over with an LMA. Because of the divestiture problem, they won't be able to take over Rochester until the deal is done, and they've satisfied the FCC market cap.
 
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