Entercom
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| Public | |
| Traded as | : ETM |
| Industry | Broadcasting |
| Founded | 1968 |
| Headquarters | Bala Cynwyd, Pennsylvania |
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Key people
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David Field (CEO) |
| Website | www.entercom.com |
Entercom is an American broadcasting company based in Bala Cynwyd, Pennsylvania. Founded in 1968, it is the fourth-largest radio company in the United States, owning more than 125 radio stations across 27 media markets.
On February 2, 2017, Entercom announced its intent to acquire CBS Radio.
Joseph M. Field founded Entercom on October 21, 1968, on the conviction that FM broadcasting, then in its infancy, would eventually surpass AM broadcasting as the leading radio band.
During the 1990s, the Federal Communications Commission's regulations on the ownership of multiple radio stations were eased, beginning with the introduction of duopoly rules, which allowed a company to own two stations in each radio band. Entercom took advantage of the change to expand its presence in the markets where it already operated. In 1994, the company sold two of its stations, and in April 1995 paid $24.5 million for three stations in Portland, Oregon, acquiring KGON, a classic rock station; KFXX, an all-sports station; and KMUZ-FM, a modern rock station. At that time David Field, an M.B.A. from the Wharton School of the University of Pennsylvania was the VP of Operations and CFO. Over the years Field has been frequently interviewed in Billboard magazine about various radio industry topics; he would later take on the role of CEO at Entercom.
In 1999, Entercom purchased the 43 radio stations of Sinclair Broadcast Group (which was exiting radio to focus on television) for $821.5 million in cash. It was Entercom's largest deal to date, The deal included 46 radio stations in nine markets, Kansas City, Mo.; Milwaukee; New Orleans; Memphis, Tenn.; Buffalo, N.Y.; Norfolk, Va.; Scranton; and Wilkes-Barre. and more than doubled both the number of stations under the company's control, and the number of markets in which it had stations. The acquisition made Entercom the fifth-largest radio broadcaster in the United States, with 88 stations in 17 markets. The company at that time was still 95% family owned. That year, Entercom announced that it would direct its radio stations not to play songs that promoted violence.
In 2000, the company suffered financial losses.
On August 21, 2006, Entercom agreed to buy 15 mid-market stations from CBS Radio. Locations included Austin, Texas; Cincinnati, Ohio; Memphis, Tennessee; and Rochester, New York. However, due to ownership limitations set by the FCC, Entercom had to sell off three of its stations in the Rochester market; these were acquired by Stephens Media Group. After its purchases in the Cincinnati market, the company quickly sold its stations there to Bonneville Broadcasting and Cumulus Media, and exited the market. A year later, Entercom was investigated and fined $4.45 million by the FCC for engaging in payola.
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Wikipedia