Entercom Announces Enhanced, New Business Practices
November 17 2017 - 1:00PM
Business Wire
New Practices Will Enhance Listener
Experience and Advertiser Value Proposition
Entercom Communications Corp. (NYSE: ETM) today announced it
will implement three new business policies which better reflect
Radio’s strong value proposition as America’s #1 reach medium and
Entercom’s position as the leading provider of live, original,
local audio content. These policies will enable the Company to
provide greater value for advertisers while improving the listener
experience.
Consistent with Entercom’s culture of continuous improvement,
the Company announced plans to:
- Reduce commercial advertising
inventory by 5% in order to improve the listener experience and
increase the entertainment to ad ratio for Entercom’s advertising
partners.
- Prohibit cash infusion advertising
deals which the Company views as a poor business practice and
inconsistent with its strategic goals.
- Eliminate future sales of
advertising with spot resellers which like cash infusion deals,
the Company views as a poor business practice and inconsistent with
its strategic goals.
“With our enhanced platform and scale, Entercom is committed to
evolving our business practices for the benefit of Entercom’s
listeners and advertising partners,” said Weezie Kramer, Entercom’s
Chief Operating Officer.
About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is a leading American
media and entertainment company reaching and engaging over 100
million people each week through its premier collection of highly
rated, award winning radio stations, digital platforms and live
events. As one of the country’s two largest radio broadcasters,
Entercom offers integrated marketing solutions and delivers the
power of local connection on a national scale with coverage of
close to 90% of persons 12+ in the top 50 markets. Entercom is the
#1 creator of live, original, local audio content and the nation’s
unrivaled leader in news and sports radio. Learn more about
Philadelphia-based Entercom at www.Entercom.com, Facebook and
Twitter (@Entercom).
Forward-Looking Statements
This communication contains “forward-looking statements.” All
statements other than statements of historical fact contained in
this report are forward-looking statements within the meaning of
Section 27A of the United States Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the United States
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Forward-looking statements usually relate to future events and
anticipated revenues, earnings, cash flows or other aspects of our
operations or operating results. Forward-looking statements are
often identified by the words “believe,” “expect,” “anticipate,”
“plan,” “intend,” “foresee,” “should,” “projects,” “would,” “will,”
“could,” “may,” “estimate,” “outlook” and similar expressions,
including the negative thereof. The absence of these words,
however, does not mean that the statements are not forward-looking.
These forward-looking statements are based on our current
expectations, beliefs and assumptions concerning future
developments and business conditions and their potential effect on
us. While management believes that these forward-looking statements
are reasonable as and when made, there can be no assurance that
future developments affecting us will be those that we
anticipate.
Factors that could cause actual results to differ materially
from those in the forward-looking statements include, among others,
risks associated with tax liabilities, or changes in U.S. federal
tax laws or interpretations to which they are subject; risks that
the new businesses will not be integrated successfully or that the
combined companies will not realize estimated cost savings, value
of certain tax assets, synergies and growth or that such benefits
may take longer to realize than expected; failure to realize
anticipated benefits of the combined operations; risks relating to
unanticipated costs of integration; the impact of consummation of
the transaction on relationships with third parties, including
advertiser clients, employees and competitors; a decline in
advertising revenue and the seasonality of advertising revenue;
intense competition in the broadcast radio and media distribution
industries; impact on advertising rates and revenues due to
technological changes and failure to timely or appropriately
respond to such changes; ability to attract new and retain existing
advertiser clients in the manner anticipated; increases in or new
royalties; high fixed costs; ability to hire and retain key
personnel; failure to protect our intellectual property;
availability of sources of funding on favorable terms or at all;
changes in legislation or governmental regulations affecting the
companies; economic, social or political conditions that could
adversely affect the companies or their advertiser clients;
conditions in the credit markets; and risks associated with
assumptions the parties make in connection with the parties’
critical accounting estimates and legal proceedings.
All of our forward-looking statements involve risks and
uncertainties (some of which are significant or beyond our control)
and assumptions that could cause actual results to differ
materially from our historical experience and our present
expectations or projections. You should carefully consider the
foregoing factors and the other risks and uncertainties that affect
the parties’ businesses, including those described in the Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other documents filed from time to time
with the U.S. Securities and Exchange Commission (the “SEC”) by
Entercom Communications Corp. (“Entercom”), CBS Corporation (“CBS”)
(to the extent they relate to CBS Radio Inc. (“CBS Radio”) and its
relevant subsidiaries) and CBS Radio. We wish to caution you not to
place undue reliance on any forward-looking statements, which speak
only as of the date hereof. We undertake no obligation to publicly
update or revise any of our forward-looking statements after the
date they are made, whether as a result of new information, future
events or otherwise, except to the extent required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171117005662/en/
Entercom Communications Corp.Esther-Mireya Tejeda,
610-822-0861Esther-Mireya.Tejeda@entercom.com@EntercomPR
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