PHILADELPHIA, PA – OCTOBER 17, 2016 — Entercom Communications Corp. (NYSE: ETM) today announced an agreement to acquire four radio stations in Charlotte, NC from Beasley Broadcast Group, Inc. (Nasdaq: BBGI) for $24 million in cash. Beasley is selling the stations to comply with FCC ownership limitations related to its previously announced acquisition of Greater Media, Inc.
The acquisition provides Entercom with a new position in the attractive Charlotte market while strengthening the Company’s existing Carolina presence alongside its Greensboro, NC and Greenville, SC clusters. The transaction adds strong local brands The Fan (WFNZ-AM), The Link (WLNK-FM) and news/talk leader WBT AM/FM to Entercom’s station group. The cluster is the radio broadcast home of the Carolina Panthers and the Charlotte Hornets.
Entercom President and CEO David J. Field stated: “We are excited about the opportunity to enter the rapidly growing Charlotte market and acquire these very strong brands. We look forward to expanding the Entercom team and working hard to serve our new listeners and customers and the Charlotte community.”
The Company expects to begin operating WLNK-FM and WBT AM/FM under a time brokerage agreement (“TBA”) starting November 1 and will begin operating WFNZ-AM under a TBA on January 1, 2017 if the acquisition has not already closed. The transaction is expected to close in either late fourth quarter or early in the first quarter of 2017.
About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its 124 highly rated stations in 27 top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities. Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite. Learn more about Philadelphia-based Entercom at www.entercom.com, Facebook and Twitter (@Entercom).