Another massive document has been filed with the SEC on the road to getting the merger deal closed between Entercom and CBS. This one outlines a special shareholder meeting to approve the deal, however there is no date set for the meeting. There is some interesting information in the document (around page 110) that details the back-and-forth negotiations between Entercom and CBS that date all the way back June of 2016.
That’s the time CBS was preparing for an IPO for its radio division. The document says there were three potential buyers but does not list who the others were. In September of 2016, CBS rejected Entercom’s proposal (page 116) and terminated discussions regarding a possible transaction. CBS believed that Entercom’s proposal undervalued CBS Radio. Entercom CEO and the Entercom Board of Directors went back to work to sweeten the deal and the discussions picked back up in December and January which eventually produced a deal that was announced in February of this year.
Field has stood firm that he believes the deal will close before the end of 2017.
Have a few extra days to kill? Read the latest SEC document HERE