WBEB-FM will soon be under the ownership umbrella of CEO David Field’s company after a three-way deal was announced Thursday involving Entercom, Beasley Media, and Jerry Lee Radio. The price-tag for the perennial number-one station in Philadelphia was $57.5 million. At the same time Entercom was adding WBEB, it was selling Country station WXTU-FM to Beasley Media for $38 million to bring in some cash to help offset the WBEB deal.
Jim Loftus has been running WBEB for the past two and a half years. We asked him if he would be staying on with Entercom. He said his role as WBEB’s President & CEO is to guide the station to its closing transaction, and to help onboard the station, staff, and culture into Entercom. “We are delighted about all aspects of the process thus far; the Entercom cluster is a perfect home for 101.1 More FM. The #1 station in Philly joins the #1 cluster. It’s a match made in heaven. After the close, what’s next in my 41-year journey through the radio business is yet to be determined. It’s exciting…and a really good thing for WBEB.”
In addition to decades of unprecedented ratings and revenue success, WBEB has won 12 Marconi awards, more than any other major market radio station in America.
Entercom CEO David Field said, “We are very pleased to add the legendary WBEB, one of the country’s most recognized and awarded stations, to our group. It is a terrific addition to our lineup that will enhance our ability to serve our listeners, customers, and the community. I tip my cap to Jerry Lee, one of the industry pioneers and a visionary leader who built B101 into such a special station and has done so much for radio over the decades. We are saddened to say goodbye to our colleagues at WXTU, but know that they will be in great hands.”
A Local Marketing Agreement for WXTU will begin Monday with the two transactions expected to close by the end of the third quarter.
The Reed Smith team represented Jerry Lee Radio in the deal with Entercom.