He came in after Dan Mason with an eye toward either selling CBS’s radio division or spinning it public. Once the merger between CBS Radio and Entercom closes, which is expected in the second half of the year, CBS Radio President and CEO Andre Fernandez will exit. David Field will continue as the CEO and the company will continue to trade under the ticker symbol ETM. Here’s what Fernandez had to say about the deal…
Fernandez said, “I couldn’t be more proud of the CBS Radio team and all of the exciting breaking news, live events, and business initiatives happening every day across the country. Today marks the beginning of a new chapter for us as we join with an organization with an equally deep tradition in radio broadcasting. The opportunities for the new company are enormous – thanks to our combined collection of industry-leading stations and brands.”
It appears as if Entercom Radio COO Weezie Kramer and CBS Radio COO Scott Herman will be part of the new management team. Both Kramer and Herman were on the Thursday conference call announcing the deal and delivered prepared remarks. Kramer said she was fired up about this opportunity (she worked at CBS Radio for 10 years before coming to Entercom) and Herman said he can’t imagine a better fit, adding that these Entercom markets were once part of the CBS group.
The combined company will be known as Entercom and will be headquartered in Philadelphia, with an ongoing presence in New York. Upon closing, the company’s Board of Directors will consist of nine members: five current Entercom directors, including David Field as Chairman of the Board, and four directors nominated by CBS Radio.