Pro forma revenue (trailing 12 months) was about $1.7B, which would track to the second-largest radio station owner, and EBITDA was nearly $500M when transaction synergies are included.
The deal, subject to regulatory approvals and a vote by Entercom's board, is expected to close in the second half of the year.
A purchase price was not disclosed, but the companies said the deal would be structured as a Reverse Morris Trust, which would be tax-free to CBS and its stockholders.
CBS shares closed Wednesday at $64.60, up 0.2%.
The combined company will have post-merger revenue of $1.7 billion and cash flow of almost $500 million. But the headquarters will be at Entercom's Bala Cynwyd offices, and the joint company will be run by David Field. In this deal, CBS shareholders will have the opportunity to exchange all, some, or none of their CBS shares for CBS Radio shares.
Feb 03 2017 Facebook Revenues Soar As Its Nears 2 Billion Users
And 1.74 billion of Facebook's 1.86 billion monthly active users were on mobile devices for at least some of their visits. However, many analysts have raised concerns about Facebook's ability to meet its own targets it sets every quarter.
Feb 03 2017 Join WQAD News 8 and go RED this Friday!
News anchors, local personalities, companies and corporations are supporting the day by wearing red , the Heart Association said. Fortunately, that can be changed because 80% of cardiac and stroke events may be prevented with education and action.
Feb 02 2017 Three killed in vehicle blast in Punjab town
The incident took place after a roadshow organised by local Congress candidate Harminder Singh Jassi ended. Investigators found a pressure cooker at the scene, which may have been used to trigger the explosions.
Feb 01 2017 Walmart Just Gave Shoppers a Big Reason to Drop Amazon
U.S. retail giant Walmart has launched a free two-day shipping service to customers' homes and stores, with no membership fee. Only these members can enjoy free two-day shipping without a minimum purchase, but they do pay $99 a month for that privilege.
Jan 31 2017 The ACLU Raised $10 Million Since Saturday
Brandon Friedman, a former Obama administration official who commanded a platoon during the invasion of Iraq, said Mr. The founders of ride-share company Lyft also said they would donate $1 million to the ACLU over the next four years .
Jan 29 2017 Nigerians lose bid to sue oil giant Shell
In 2015, Shell agreed to an $84m (£55m) settlement with residents of the Bodo community in the Niger Delta for two oil spills. Legal firm Leigh Day , representing the claimants, called it a "very surprising decision".