Entercom Enters into Definitive Agreements to Acquire WBEB-FM 101.1 MORE FM and Divest WXTU-FM 92.5 FM in Philadelphia
July 19 2018 - 9:00AM
Business Wire
Entercom Communications Corp. (NYSE: ETM), a leading media and
entertainment company and one of the two largest radio broadcasters
in the U.S., today announced a definitive agreement to acquire
101.1 MORE FM (WBEB-FM) from Jerry Lee Radio, LLC in Philadelphia,
PA for $57.5 million in cash. The company also announced that it
has entered into an agreement to divest 92.5 XTU (WXTU-FM) in
Philadelphia, PA to Beasley Broadcast Group, Inc. (Nasdaq: BBGI)
for $38.0 million in cash. The transactions are immediately
accretive to Entercom and are leverage neutral.
The acquisition of WBEB-FM, Philadelphia’s #1 rated station, is
a complementary addition to Entercom’s existing portfolio of
leading stations in the market that includes KYW Newsradio 1060,
SportsRadio 94WIP, 96.5 TDY FM, 98.1 WOGL and Talk Radio 1210
WPHT.
“We are very pleased to add the legendary WBEB, one of the
country’s most recognized and awarded stations, to our group,” said
David Field, President and Chief Executive Officer, Entercom. “It
is a terrific addition to our lineup that will enhance our ability
to serve our listeners, customers and the community. I tip my
cap to Jerry Lee, one of the industry pioneers and a visionary
leader who built B101 into such a special station and has done so
much for radio over the decades. We are saddened to say goodbye to
our colleagues at WXTU, but know that they will be in great
hands.”
A Local Marketing Agreement for WXTU will begin Monday, July 23.
The transactions are expected to close by the end of the third
quarter of 2018.
Entercom was advised by MVP Capital, LLC on the WBEB
transaction. Methuselah Advisors acted as financial advisor to
WBEB-FM.
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).
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EntercomEsther-Mireya Tejeda,
212-649-9686Esther-Mireya.Tejeda@Entercom.com@EntercomPR
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