CBS to merge its radio business with Entercom

[pstokely]

Source: Reuters

CBS Corp will merge its radio business with Entercom Communications Corp in a tax-free deal, which the companies said would create the second-largest radio broadcaster in the United States by revenue.

The merged entity will own 244 stations, including CBS Radio's 117 stations, with pro forma revenue of about $1.7 billion on a trailing 12-month basis.

CBS had said early last year that it would explore strategic alternatives for its radio business.

The combination will be done through a Reverse Morris Trust transaction, a tax-free deal in which one company merges with a spun-off unit.

Read more: http://www.businessinsider.com/r-cbs-to-merge-its-radio-business-with-entercom-2017-2

[BumRushDaShow]

1. The news station that I listen to in Philly

-KYW, is impacted by this. They mentioned this story early this morning. The station used to be Westinghouse (and an NBC affiliate) then it was bought by Infinity, then with all the mergers, it was bundled into the CBS group and that forced its TV counterpart and it, to switch affiliates where the original CBS-owned TV station had to become the NBC affiliate. It was a big mess,