There was always speculation buzzing around the industry that David Field wanted at least the opportunity to make a pitch for Greater Media before the company was sold to Beasley. This week Field wound up with a small piece of Greater Media when Entercom announced it was purchasing three Greater Media stations in Charlotte as part of Beasley’s planned divestiture of the four GM Charlotte stations in order to comply with FCC ownership regulations.
Entercom will acquire WBT-FM, WLNK-FM, and WBT-AM, all of which are currently owned by Greater Media and held in trust pending the completion of Beasley’s acquisition of Greater Media. Entercom will also acquire Beasley’s WFNZ-AM in Charlotte and an FM translator.
Entercom President and CEO David J. Field stated: “We are excited about the opportunity to enter the rapidly growing Charlotte market and acquire these very strong brands. We look forward to expanding the Entercom team and working hard to serve our new listeners and customers and the Charlotte community.”
In addition, Entercom will begin operating WBT-FM, WLNK-FM, and WBT-AM upon the closing of Beasley’s acquisition of Greater Media pursuant to a time brokerage agreement.
Beasley intends to use the net proceeds from the sale of the four stations to reduce the borrowings required to complete the Greater Media transaction.
Michael J. Bergner of Bergner & Co. served as the broker in the transaction.
