The FCC has given its approval to the Entercom/CBS Radio merger clearing the final regulatory hurdle the deal needed to cross the finish line.
The approval comes with the grant of two waivers towards the ownership limits in a market and is contingent on the divestiture of the nineteen stations being divested. Entercom has been given a six month waiver of the Radio/TV crossownership limits due to overlap in Miami and San Francisco to permit CBS Corp’s Leslie Moonves and Joseph Ianniello to serve as temporary members of the Entercom Board of Directors for six months and a continuation waiver for Entercom to continue to operated expanded band AM 1660 KWOD and its originally paired 1250 KYYS Kansas City.
Petitions To Deny by Ed Stolz and Deborah J. Naiman were rejected in the process.
Entercom Communications Corp. (NYSE: ETM) (“Entercom”) today announced receipt of approval from the Federal Communications Commission (“FCC”) to complete the proposed tax-free combination with CBS Radio. The FCC’s order concluded that granting its approval to the merger and transfer applications related to the combination of Entercom and CBS Radio will serve the public interest, convenience and necessity.
“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,” said David Field, President and Chief Executive Officer, Entercom. “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.”
As previously announced, CBS Corporation (NYSE: CBS.A and CBS) launched an exchange offer for the separation of its radio business as part of the agreement to combine CBS Radio and Entercom, which is scheduled to expire at 11:59 p.m., New York City time, on November 16, 2017, unless the exchange offer is extended or terminated.