Entercom Communications
 |
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| Public | |
| Traded as | : ETM |
| Industry | Broadcasting |
| Founded | 1968 |
| Headquarters | Bala Cynwyd, Pennsylvania |
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Key people
|
David Field (CEO) |
| Revenue |
 $411 million (2015) |
 $85 million (2015) |
|
|
$29 million (2015) |
|
| Website | www.entercom.com |
Entercom is a publicly traded American broadcasting company based in Bala Cynwyd, Pennsylvania. Founded in 1968, it is the fourth-largest radio company in the United States, owning 127 radio stations across 28 media markets.
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 April 1995, the company 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, a former investment banker at Goldman Sachs with an M.B.A. from the Wharton School of the University of Pennsylvania who started with the company in 1987, was the VP of Operations and CFO. He was appointed President and CEO in 2002. Over the years, Field has been frequently interviewed in Billboard magazine about various radio industry topics.
In January 1999, Entercom went public in an IPO in which it raised around $236 million. In July 1999, the company purchased 43 radio stations from Sinclair Broadcast Group for $821.5 million in cash. It was Entercom's largest deal to date. The deal included stations in eight markets, Kansas City, MO.; Milwaukee; New Orleans, LA; Memphis, TN.; Buffalo, NY.; Norfolk, VA; and Scranton/Wilkes-Barre, PA. The deal 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. That year, Entercom announced that it would direct its radio stations not to play songs that promoted violence.
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Wikipedia