CBS Radio Has Merged With A Local Company
CBS Radio, which owns WIP and other local stations, will merge with Bala Cynwyd-based Entercom, which, as best as I can tell, doesn’t own any local stations.
The transaction will create a sector giant with a nationwide footprint of 244 stations, including 23 of the top 25 U.S. markets, as well as digital capabilities and a growing events platform.
CBS Radio owns 117 radio stations in 26 markets, including all of the top 10 radio markets as ranked by Nielsen Audio. Philadelphia-based Entercom is the fourth-largest radio company in the U.S. with 127 stations in 27 top markets. The combined company’s pro forma revenue on a 12-months basis is approximately $1.7 billion, which would make it the second-largest radio station owner in the U.S., the firms said.
In summer 2015, as CBS Radio announced several job cuts around the country that included numerous well-known local on-air personalities, key executives and sales team members, rumors began to surface that the network was looking for a buyer. Moonves said the radio division was up for sale early last year but then the company said it would spin it off via an IPO. Those plans were apparently scrapped due to talks with Entercom.
There’s a lot of financial and shareholder information in the reporting, but nothing as it pertains to WIP. What, if anything, it means is unclear. But maestro will dust himself off and begin poking around.