In a letter addressed to “Entercom Users,” CEO David Field gave an update on the $1.7 Billion merger with CBS Radio. In the letter, filed with the SEC, Field also reminded his employees to stay focused on their jobs and direct all media inquiries to the Entercom corporate office.
Field said Entercom has been working with government agencies on getting the deal approved, engaging with the CBS corporate team and working with a team of merger integration advisors on the transition. Field says he’s also visited nearly every one of the CBS markets that will become part of the newly merged company.
Field writes that as the regulatory and approval process continues, various activities and documents will become public and may attract media attention. “Several weeks ago, we made initial filings with the FCC related to the required divestiture of several Entercom and CBS Radio stations in seven markets. It has not yet been determined which 14 stations will be divested to meet FCC local market ownership requirements. Today, we submitted a registration statement to the SEC that provides information about the merger, including background information on the merger process.” Field then instructs anyone who receives any inquiries from the media or third parties to call the corporate office.
Field says Entercom is gearing up to make major investments and add new positions in a number of areas and he continues to expect the deal to close later this year. “Until the transaction closes, Entercom and CBS Radio will continue to operate as separate and independent companies and it is business as usual. We ask that you stay focused on delivering great content to our listeners and providing the best media and marketing solutions to our advertisers.”
