February 2, 2017
CBS CORPORATION AND ENTERCOM ANNOUNCE
MERGER OF CBS RADIO WITH ENTERCOM
TO CREATE PREEMINENT RADIO PLATFORM
Deal Creates Scale and Reach Across the U.S., with a Nationwide Footprint
of 244 Stations, Including 23 of the Top 25 Markets
New York, NY and Bala Cynwyd, PAEntercom Communications Corp. (NYSE: ETM) and CBS Corporation (NYSE: CBS.A and CBS) today announced that the companies
have entered into an agreement by which Entercom will combine with CBS Radio in a tax-free merger. The transaction will create a preeminent radio platform, with a nationwide footprint of 244 stations,
including 23 of the top 25 U.S. markets, as well as robust digital capabilities and a growing events platform.
This agreement is great for
shareholders and achieves our previously stated objectives by separating our radio business in the best possible way, said Leslie Moonves, Chairman and Chief Executive Officer, CBS Corporation. Entercom is a superbly run company, and
together with CBS Radios powerful brands and remarkable people, we are creating an organization that will be even better positioned to succeed in this rapidly evolving media landscape.
David J. Field, President
and CEO of Entercom, who will lead the combined company, said, 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. We look forward to welcoming our talented new colleagues at CBS
Radio, and we have the utmost respect for their significant contributions to the industry.
Mr. Field continued, Radio reaches more
Americans than any other medium, and offers advertisers outstanding ROI and local activation. This transformational transaction creates scale-driven efficiencies and opportunities to compete more effectively with other media to better serve our
listeners and our advertisers. The combination of a compelling strategic fit, an excellent balance sheet, and robust free cash flow generation, position us to create significant shareholder value for our investors.
Andre Fernandez, who will continue as President and CEO of CBS Radio through the closing of the transaction, said, I couldnt be more proud of the
CBS Radio team and all of the exciting breaking news, live events, and business initiatives happening every day across the country. Today marks the beginning of a new chapter for us as we join with an organization with an equally deep tradition in
radio broadcasting. The opportunities for the new company are enormous thanks to our combined collection of industry-leading stations and brands.