CBS to spinoff radio business and merge it with Entercom
NEW YORK (AP) – CBS is spinning off its radio business and combining it with broadcaster Entercom, creating the country’s second-largest radio station company behind iHeartMedia.
The CBS stations include KDKA-AM and 93.7 The Fan in Pittsburgh.
The combined company, which will keep the Entercom name, will own more than 200 radio stations. They expect to sell about 15 stations to receive government approval for the deal.
CBS shareholders will own 72 percent of the combined company and Entercom shareholders will own 28 percent. Entercom’s headquarters will stay in Philadelphia.
The deal is expected to be completed in the second half of this year and expected to be tax free for New York-based CBS and its shareholders.