There should be some new owners of a few soon-to-be former Entercom radio stations announced soon. Entercom CEO David Field says his divesture plan to move stations in order to meet ownership regulations to close the CBS deal is making “good progress.” In fact Field says letter’s intent have been submitted for all the stations that need to be sold and when those deals are done there will be a “meaningful” amount of money used to pay down debt. If you forgot which stations in which markets needed to be divested here’s a reminder:
Back in February Entercom said there were six markets in which the newly formed company will have to divest about 15 stations. The markets in which the new company will exceed FCC ownership caps are Boston, Los Angeles, Sacramento, San Diego, San Francisco, and Seattle.
Broker Larry Patrick tells Radio Ink to keep an eye on Hubbard, Bonneville, Midwest Television, Cox, and a few others that may surface. iHeartMedia, Cumulus, Alpha, and Beasley are probably not in a position to be buyers right now but that doesn’t mean swapping stations couldn’t be part of a deal. Entercom CEO David Field said as much on the conference call announcing the deal on Thursday.
