WBEB & WXTU/Philly In Play
• UPDATED: Philadelphia became acquisition central today as Entercom Communications Corp. announced a definitive agreement to acquire heritage AC WBEB (101.1 MORE FM) from Jerry Lee Radio, LLC for 57.5 million in cash, and Beasley announced it was re-acquiring Country WXTU from Entercom for $38.0 million in cash. “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 of Entercom. “It’s 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.”
Commenting on the transaction, Beasley CEO Caroline Beasley said, “Our acquisition of WXTU-FM represents a strategically and financially compelling growth opportunity for our shareholders and further enhances our revenue and competitive position with a strong cluster of five FM and two AM stations in a key, Top 10 market.” She added, “As the former owner of WXTU-FM, Beasley originally launched the station’s Country music format in 1983 against the advice of a number of industry pundits who believed it wouldn’t succeed in the Philadelphia market. Instead, the station thrived and resulted in our successful exchange of WXTU-FM in 2014, as part of a larger asset exchange agreement with CBS Radio. Today, WXTU-FM remains one of the best and most-listened-to Country music stations in America. We are proud of this heritage and confident in our ability to continue the growth and success of WXTU-FM as part of the Beasley family of stations.”
Both companies will begin operating their new stations via LMA on Monday, July 23. The transactions are expected to close later this year and are subject to FCC approval and other customary closing conditions.
• RAMP has learned that Shelly Easton, who has programmed WXTU since 2009 will not be going with the station as the LMA with new owner Beasley begins Monday. Entercom President of Programming Pat Paxton confirms that Easton will remain with the company in an as-yet unspecified capacity. We understand that WXTU MD/afternoon personality Mark Razz will handle ‘XTU programming TFN.
