WVEI parent merges with CBS Radio
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David Fields, president and CEO, Entercom
Entercom Communications Corp. – the Pennsylvania-based operator of more than 100 radio stations including WVEI 1440AM in Worcester – will merge with CBS Radio to create a company with 244 stations in 47 markets, according to an announcement from the two companies Thursday.
The move will make Entercom the second largest radio station operator in the country, behind only iHeartMedia. Entercom President and CEO David Field will lead the combined company, which is expected to have revenue of $1.7 billion.
The all-stock deal is expected to close in the second half of the year.
The new entity is expected to divest 15 of the 244 radio stations in order to meet requirements of the Federal Communications Commission, although it did not specify which ones.
The merger will create partners out of previously rival radio stations, such as competing Boston sports talk radio 98.5 The Sports Hub and 93.7 WEEI.
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