FCC Approves Entercom/CBS Radio Merger
• The Federal Communications Commission has formally approved the merger of CBS Radio and Entercom — another giant step closer to the creation of the radio industry’s second largest company, combining Entercom’s 127 stations and CBS Radio’s 117 stations.
The approval was given near the bottom of a 20-page document, “We have reviewed the proposed merger, the applications for its approval, and related comments. We conclude that the applicants are fully qualified and that grant of the Merger Applications and the Trust Applications, subject to the conditions set forth herein, will serve the public interest, convenience, and necessity.”
In response to the FCC’s ruling, Entercom President & CEO David Field said, “We are energized and excited by today’s announcement from the FCC. The Commission’s approval marks a significant milestone on our path toward completing the transformational combination of Entercom and CBS Radio. This brings Entercom an important step closer to our goal of delivering greater value for our listeners, customers and shareholders as a leading media and entertainment company with national scale and the No. 1 creator of live, original and local audio content.”
In order to comply with the local radio ownership rule, both parties have filed seven Divestiture Applications seeking consent to the assignment of up to 19 full-power and six associated booster station licenses (Trust Stations) to the Entercom Divestiture Trust (EDT).
The document also says, “The request for a temporary waiver of Section 73.3555(c), not to exceed six months in the Miami and San Francisco markets IS GRANTED, but within six months of consummation of the transaction, Messrs. Leslie Moonves and Joseph Ianniello shall resign from the Entercom Board of Directors, and Entercom is directed to promptly notify the Commission in writing of such resignations.”
