Entercom Settles With DOJ, Inks Deals With Beasley, iHeart and Bonneville, Paves Way to Buy CBS Radio
Entercom settled with DOJ’s Antitrust Division on divestitures for buying CBS Radio and agreed to exchanges with Beasley Broadcast, Bonneville and iHeartMedia, said a consent decree and the acquirer's release Wednesday. “In connection with the settlement with the DOJ, the…
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agreements with iHeartMedia, Beasley and a local marketing agreement with Bonneville International announced today will clear the way for the Entercom and CBS Radio merger to move forward, pending FCC approval,” Entercom said. The radio station owner “now expects its proposed combination with CBS Radio to close as early as November 17." The consent decree requires Entercom to divest 13 radio stations in Boston, San Francisco and Sacramento to avoid anticompetitive market control. Entercom would exchange a Boston station targeted by DOJ for one owned by Beasley, and trade four stations in Boston and three stations in Seattle to iHeartMedia for six stations in Richmond, Virginia, and four stations in Chattanooga, Tennessee. Through the local marketing agreement, Bonneville will program four stations in San Francisco and four stations in Sacramento. U.S. District Court in the District of Columbia needs to approve the settlement, DOJ said. The iHeart and Beasley deals are expected to close in Q1, while the Bonneville one will begin after the Entercom transaction is consummated. The Media Bureau didn’t comment.