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 02 2017 Final Fantasy XV Director Talks VR and Potential PC Port
Performance hiccups made traveling the world, a major element of the game's design, much less enjoyable than it could have been. Paul Chapman is the host of The Greatest Movie EVER! Kitase: "We're still brushing up the scenes we showed you in the trailer".
Feb 02 2017 Underwater Filmmaker Missing Off Florida Keys
Stewart is a wildlife photographer, filmmaker and conservationist. Early Wednesday, Alexandra pleaded for assistance in the search. Born in Toronto, he's well known for underwater filming.
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.
Feb 01 2017 Nintendo Officially Ends Wii U Production in Japan
Nintendo is assuming exchange rates of 110 yen to the dollar and 120 yen to the euro, compared with 100 and 115 before. The argument then goes to the stocks of Nintendo and what decisions should be made to keep the business going.
Jan 31 2017 Airlines Offer Full Refund in Wake of Travel Ban
British Airways , for example, said Monday that it is offering affected customers a refund for their planned travels to the U.S. The organisation said as a "matter of principle" it works for the free movement of trade and people across borders.
Jan 30 2017 Bafta-winning Amour star Emmanuelle Riva dies aged 89
Riva was born on February 24, 1927 in rural France and made her way to Paris at 19 to the dismay of her working-class family. Her nod for an Academy Award aged 85 meant she became the oldest ever Best Actress Oscar nominee.