WEEI and The Sports Hub have long battled for ratings supremacy, with on-air personalities at each station regularly taking swipes at their counterparts. After the exchange, CBS Radio will merge with an Entercom subsidiary and CBS Radio shareholders will receive 72 percent of outstanding Entercom shares, about 105 million shares.
After a relatively quiet period in the second half of 2016, the radio merger and acquisition scene is rumbling back to life with the merger between CBS Radio and Entercom. If given the OK, the new entity would become the second-largest radio station owner in the US, based on combined revenue in 2016. A new board, headed by Entercom president and CEO David Field, will comprise five Entercom representatives and four from CBS Radio.
The companies will use a so-called reverse Morris Trust structure, whereby a spinoff and merger happen nearly simultaneously. CBS Radio's 117 stations will join the new company in creating the country's second-largest radio presence, with 244 stations that include 23 of the top 25 markets.
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"This agreement is great for shareholders and achieves our previously stated objectives by separating our radio business in the best possible way", said CBS CEO Leslie Moonves, according to the Hollywood Reporter.
The companies said they posted pro forma adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, of almost $500 million on roughly $1.7 billion in revenue over the past 12 months. Entercom owns statiosn in Boston, Denver, Miami, San Francisco and dozens of other metro markets, and in Wilkes-Barre, but had not been in Philadelphia.