Entercom Pres./CEO David Field Asks Staffers To 'Stay Focused On Delivering Great Content' As He Updates The CBS Radio Merger

David Field

ENTERCOM Pres./CEO DAVID FIELD reached out to staffers via email YESTERDAY (4/12) with an update on the merger with CBS RADIO. The note was also filed with the SEC.

He wrote, "Since the [THURSDAY], FEBRUARY 2nd announcement of our deal with CBS RADIO, we have been hard at work, making significant progress towards our transformational merger. We are working with various government agencies on deal approval and we are engaging with the CBS corporate team along with a team of expert merger integration advisors to ensure that we achieve as close to a seamless transition as possible when we close.

"As an organization that fundamentally believes there is nothing more important than the people on our team, our first order of business upon making the announcement was to hit the road to meet and introduce ourselves to the CBS RADIO staffs. Since early FEBRUARY, we have traveled across the country to virtually every one of the CBS markets. It is with great pride that we have shared the ENTERCOM story and expressed our enthusiasm for the opportunities that lie ahead for the entire organization.

"We are creating a truly preeminent Radio company with an extraordinary platform of the industry’s best local brands, personalities, content and marketing solutions covering virtually all of the nation’s top 50 markets. The new ENTERCOM will be a leading local media and entertainment company with strong positions in Radio, Digital, Events, News, Sports, Music and Entertainment. With close to $2 billion in annual sales, a value of over $4 billion, and a very strong financial position, we will have the scale and resources to compete aggressively with other media for a significantly larger share of advertising dollars. And we are gearing up to make major new investments and add new positions in a number of areas to enhance our competitive position and bolster our future growth. Frankly, the opportunities for career growth for talented, high performers in the new ENTERCOM will be greater than ever.

"As the regulatory and approval process continues, various activities and documents will become public and may attract media attention. Several weeks ago, we made initial filings with the FCC related to the required divestiture of several ENTERCOM and CBS RADIO stations in seven markets. It has not yet been determined which 14 stations will be divested to meet FCC local market ownership requirements. Today, we submitted a registration statement to the SEC that provides information about the merger, including background information on the merger process.

"We continue to expect the transaction to close in the second half of 2017, subject to the timing of regulatory approvals and other customary closing conditions. Until the transaction closes, ENTERCOM and CBS RADIO will continue to operate as separate and independent companies and it is business as usual. We ask that you stay focused on delivering great content to our listeners and providing the best media and marketing solutions to our advertisers.

"With every passing day, I become even more excited about this combination and the opportunities it will create for our listeners, customers, shareholders, the radio industry, and most importantly, our outstanding team. As this process continues, we will do our best to keep you informed, providing you with periodic updates when we are able to do so."

« see more Net News