Entercom Communications has announced a definitive agreement to acquire AC WBEB (101.1 MORE FM)/Philadelphia from Jerry Lee Radio, LLC for $57.5 million in cash. The company also announced that it has entered into an agreement to divest Country WXTU (92.5 XTU)/Philadelphia to Beasley Broadcast Group for $38 million in cash. The transactions are immediately accretive to Entercom and are leverage neutral.
“We are very pleased to add the legendary WBEB, one of the country’s most recognized and awarded stations, to our group,” said David Field, President/CEO of Entercom. “It is a terrific addition to our lineup that will enhance our ability to serve our listeners, customers and the community. I tip my cap to Jerry Lee, one of the industry pioneers and a visionary leader who built B101 into such a special station and has done so much for radio over the decades. We are saddened to say goodbye to our colleagues at WXTU, but know that they will be in great hands.”| | | Next → |