Entercom to Buy 4 Radio Stations for $24 Million
Entercom will buy four radio stations from Beasley Broadcast Group for $24 million, the acquirer said in a news release Tuesday. The deal is connected with Beasley/Greater Media, and will allow that transaction to comply with FCC ownership restrictions, the…
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release said. Entercom said it will buy WFNZ(AM), WLNK(FM), WBT/AM-FM, all in Charlotte, North Carolina. Though the deal isn't expected to close until the end of the year or in early 2017, Entercom will begin operating the stations early through time brokerage agreements, it said. It gives Entercom a total of 128 stations in 28 markets, Wells Fargo analyst Marci Ryvicker emailed investors. The transaction is "a nice tuck-in with synergy potential,” Ryvicker said. Entercom stock rose 10 percent in Tuesday trading to $14.30.