Entercom Communications Corp. (NYSE: ETM) today announced the signing of a definitive agreement to acquire 102.9 KBLX-FM (“KBLX”) from Inner City Media Corporation and its subsidiaries for $25.0 million in cash. KBLX is the leading urban station in the San Francisco market.
KBLX will become the fourth brand in Entercom’s San Francisco cluster, joining Entercom’s existing lineup of the market’s #1 rated music station 96.5 KOIT-FM, sports talk station The Game 95.7 KGMZ-FM and classic rock station 98.5/102.1 KUFX-FM. Entercom will begin operating KBLX under a time brokerage agreement (“TBA”) which will take effect after approval by the U.S. Bankruptcy Court which is administering ICMC’s bankruptcy proceedings and overseeing the sales process. Entercom expects the TBA to be approved in late April and plans to maintain the station’s urban programming format. The closing of the transaction is subject to certain customary closing conditions, including approval of the Federal Communications Commission which is expected later this year.
Entercom’s President and CEO David Field stated: “We could not be more pleased to add KBLX-FM to our San Francisco radio line-up. KBLX is the leading urban radio station in the San Francisco market and has a long history of producing distinctive and compelling programming. The addition of KBLX strengthens our competitive positioning in San Francisco and enhances our ability to provide outstanding content to our listeners and broad audience reach and effective marketing opportunities to our advertisers.”
Entercom San Francisco Vice President and Market Manager Dwight Walker commented: “KBLX has done a magnificent job of serving the local community and we look forward to continuing to do that at Entercom.”About Entercom Communications Entercom Communications Corp. (NYSE: ETM), led by President and CEO David J. Field, is one of the five largest radio broadcasting companies in the United States, with a nationwide portfolio of 110 stations in 23 markets, including San Francisco, Boston, Seattle, Denver, Portland, Sacramento and Kansas City. Known for developing unique and highly successful, locally-programmed stations, Entercom is home to some of radio’s most distinguished brands and compelling personalities. The company is also the radio broadcast partner of the Boston Red Sox, Boston Celtics, Buffalo Bills, Buffalo Sabres, Kansas City Royals, Memphis Grizzlies, New Orleans Saints, Oakland Athletics and San Jose Sharks.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts