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CBS Radio to merge with Entercom

http://news.radio-online.com/cgi-bin/rol.exe/headline_id=b15244

Update for Entercom

Entercom Communications reported third quarter net revenues increased 1% to $122.3 million from $121.6 million in 2016. Operating income was $13.5 million, after $8.8 million of merger and acquisition costs (CBS Radio), compared to $25.7 million. Same station net revenues decreased by 1%, excluding political while adjusted EBITDA decreased 12% to $26.7 million. The company posted a net income of $8.1 million (9 cents per diluted share) as compared to $6.4 million (28 cents) in the year-ago period.

President/CEO David J. Field stated, "These are exciting times at Entercom as we count down the days before closing our game changing merger with CBS Radio. Entercom will be one of the radio industry's two largest companies with an extraordinary lineup of highly rated, award winning radio stations, digital platforms and live events and a robust set of meaningful scale-driven value-creation opportunities. We are looking forward to deploying our extensive plans to drive growth in the business through a significant series of enhancements and investments across the organization."

On November 1, the company announced a settlement with the Antitrust Division of the U.S. Department of Justice that will allow it to move forward with its proposed merger with CBS Radio. Entercom now expects the transaction to close as early as November 17, pending approval from the FCC.

In anticipation of the completion of its merger with CBS Radio and consistent with its policy of balancing debt repayment with returns to shareholders, the Entercom announced today that it has increased its dividend to an annual amount of $0.36 per share, beginning with the dividend to be paid in the fourth quarter of 2017. A quarterly dividend of $0.09 per share will paid on December 15, 2017 to shareholders of record on November 28.
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I think David’s point, more than anything, is that the average listener can’t tell the difference between a station owned by CBS and one owned by Entercom. That probably won’t change.

A handful of format changes doesn’t surprise anyone. Those have always happened, and they aren’t always because of ownership changes. The average listener doesn’t know why and doesn’t know the difference between multiple format changes and frequency changes. Don’t expect that to change with this deal.
 
http://news.radio-online.com/cgi-bin/rol.exe/headline_id=n34881

Update

Entercom Communications has appointed twelve veteran programmers to the role of Format Captain across all of the company's formats. These "Captains" will report to Pat Paxton and Chris Oliviero, effective at the completion of the merger with CBS Radio, which could come as early as November 17. The following executives have been named Format Captains:

Steve Butler - News
Mark Chernoff - Sports
Jimmy Gonzalez - Spanish Language
Brian Kelly - Top 40
Michael Martin - Alternative
Mike Moore - Country
Diane Newman - Talk
Nikki Nite - AC
Dave Richards - Rock/Classic Rock
Reggie Rouse - Urban
Jim Ryan - Classic Hits
Steve Salhany - Hot AC

Additionally, Michael Martin will continue in his role as Senior VP of Programming and Music Initiatives in the new organization.

"We are excited about the best-in-class programming team we are building at Entercom," said Entercom President of Programming Pat Paxton. "This talented team of experts has the skills and experience to take our live, original and local audio content to new heights and compete at the highest level in the media industry."
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Jonathan7157 said:
Then why is there a potential for Energy in San Diego to either move to 97.3 FM or end altogether? Will this also mark the beginning of the end of the "Amp Radio" brand?
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The move is predicated on two facts: the CHR format is sucking big time, and KSON would benefit from the frequency swap since it is losing the simulcast Class A in North County.

David Fieled said, a few weeks ago, that CBS had not kept up with market research and implied that needed changes might have been postponed to preserve cash flow. Entercom has a bit longer forward view, and knows that the deadwood has to be trimmed. So there will be changes at stations that are not cash flowing, or where better synergies can be had with format realignments in clusters.
 
Now that it has been approved, integration of the acquired stations into Entercom is the next phase, and the biggest part, of the acquisition. CBS has replaced CBS Radio at the end of breaking news promos for the past year or two for the CBSN stream, perhaps in anticipation of this event (or the decline of radio, outside of music, in general).

This sale has further cemented CBS' position as a content creator/provider. Television, through the local stations division, are the only broadcast licenses left that the company owns due to the nature of network TV (up to now). This may change by the next decade (or two). Perhaps the changes might include any linear video, including CBS Sports Network on cable.
 
KTN Corp said:
Now that it has been approved, integration of the acquired stations into Entercom is the next phase, and the biggest part, of the acquisition. CBS has replaced CBS Radio at the end of breaking news promos for the past year or two for the CBSN stream, perhaps in anticipation of this event (or the decline of radio, outside of music, in general).

This sale has further cemented CBS' position as a content creator/provider. Television, through the local stations division, are the only broadcast licenses left that the company owns due to the nature of network TV (up to now). This may change by the next decade (or two). Perhaps the changes might include any linear video, including CBS Sports Network on cable.
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Also CBS at the same time has taken over Ten Network Australia in a deal that was widely reported in the Australian press citing Ten Networks board members and an Australian court approving CBS to take over Ten Network last week.
 
Dallas and New York City just said goodbye to AMP and hello to Alt as Alternative Rock returns to those market as WBMP 92.3 in NYC flipped and brings the format back to the iconic 92.3 location which was former home of K-Rock, the former home of "The Howard Stern Show" until he left CBS radio to join Sirius (later Sirius) in 2005-2006. and also KVIL is the new home of Alternative Rock in the DFW market as it flipped from AMP To ALT 103.7 retaining the iconic heritage call.

for Dallas, it's gonna be weird for KVIL to be direct rival of some sort to iHeartMedia's KEGL 97.1 The Eagle even if 97.1 is more of a harder and heavier rock station that got some 102.1's former music when IHM killed The Edge last year. in fact, this might fill the void left behind by KDGE 102.1 The Edge after it flipped to Star 102.1 last year
 
Entercom must see something in alternative rock that neither advertisers nor competing radio companies do, and somehow this soft spot for an underperforming format passes muster with the Entercom bean counters. Odd, but congrats to the rock fans of NYC for getting a station again.
 
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CTListener said:
Entercom must see something in alternative rock that neither advertisers nor competing radio companies do
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President David Field is a fan...although he prefers 90s alternative. So if something is underperforming (which AMP was), it's a good target.
 
https://en.m.wikipedia.org/wiki/National_Amusements

That's interesting National Amusements has been named as the majority owner of Entercom.
If you are wondering who National Amusements are its an investment company run by the Redstones that owns majority stock in CBS, Viacom and Entercom as of 2017. Interesting that Ten Network Australia is not listed as an investment by the Redstones given that CBS had a deal with Ten Network Australia at the same time Entercom deal was at play in the USA.
 
RadioPatrol said:
https://en.m.wikipedia.org/wiki/National_Amusements

That's interesting National Amusements has been named as the majority owner of Entercom.
If you are wondering who National Amusements are its an investment company run by the Redstones that owns majority stock in CBS, Viacom and Entercom as of 2017. Interesting that Ten Network Australia is not listed as an investment by the Redstones given that CBS had a deal with Ten Network Australia at the same time Entercom deal was at play in the USA.
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This came about through the way the Reverse Morris Trust works. CBS stockholders, and the Redstones own controlling stock in CBS, are now majority owners of Entercom. I think the figure is 58%.
 
RadioPatrol said:
https://en.m.wikipedia.org/wiki/National_Amusements

That's interesting National Amusements has been named as the majority owner of Entercom.
If you are wondering who National Amusements are its an investment company run by the Redstones that owns majority stock in CBS, Viacom and Entercom as of 2017. Interesting that Ten Network Australia is not listed as an investment by the Redstones given that CBS had a deal with Ten Network Australia at the same time Entercom deal was at play in the USA.
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So... does this mean now that National Amusements owns CBS Radio Network, Entercom and the former CBS Radio stations? If so, it sounds like there be no change.
 
itsRoly4266 said:
So... does this mean now that National Amusements owns CBS Radio Network, Entercom and the former CBS Radio stations? If so, it sounds like there be no change.
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There isn't any CBS Radio Network. The CBS News Radio is still owned by CBS Corporation. But National Amusements is majority owner of CBS Corporation too.
 
TheBigA said:
There isn't any CBS Radio Network. The CBS News Radio is still owned by CBS Corporation. But National Amusements is majority owner of CBS Corporation too.
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So CBS News Radio, CBS, Entercom and the former CBS Radio stations are all under National Amusements through majority ownership?
 
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