Entercom Revenues Jump In Fourth Quarter With Addition Of CBS Stations

Q4 Results

The addition of the former CBS RADIO stations on NOVEMBER 17, 2017 doubled fourth quarter net revenues year-to-year at ENTERCOM COMMUNICATIONS CORP., driving a jump from $124.6 million to $246.6 million.  Operating income was hit by $36 million of costs involved in the merger plus impairment and financing costs, falling from a gain of $30 million to a loss of $2.3 million.  Net income available to common shareholders also increased with the merger, rising from $10.849 million to $232.413 million (27 cents to $2.58 per diluted share).

President/CEO DAVID J. FIELD said, “We are making excellent progress toward our goals of capitalizing on our transformational merger and building a truly outstanding media and entertainment company. As the country’s #1 creator of live, original, local audio content and with a premier collection of outstanding local radio stations, digital platforms and live events, we have the scale and capabilities to compete more effectively with other media for a larger share of ad dollars. We are off to a great start executing our game plan with important achievements in a number of areas including building a best-in-class leadership team and culture, growing our brands and ratings, executing our synergies, launching new sales tools and advocacy, and much more. We are very pleased with our progress and more excited than ever about the needle-moving opportunities ahead.”

The company's Board of Directors has also approved a 9 cent/share quarterly dividend, payable MARCH 28th to shareholders of record as of MARCH 14th.

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