DOJ CLEARS THE WAY FOR ENTERCOM-CBS RADIO MERGER

The U.S. Department of Justice has approved a settlement that clears the way for Entercom's merger with CBS Radio.

A settlement with the DOJ's Antitrust Division enables the conjoining—which could now close as soon as 11/17—with asset exchanges in the offing between Entercom and iHeartmedia and Beasley Broadcast Group, as well as Local Marketing Agreements with Bonneville International Corporation in San Francisco and Sacramento.

“Today’s announcements mark a significant milestone as we work to complete the transformational combination of Entercom and CBS Radio,” said David Field, President and Chief Executive Officer, Entercom. “While it is necessary to divest certain stations in order to secure regulatory approval, it is difficult to part ways with so many strong brands and, most importantly, their talented people. However, we are excited by the terrific new additions to our lineup that will bolster our position in Boston and expand our footprint in the Southeast. We look forward to unlocking the potential of the combined company to deliver value for our listeners, customers and shareholders. Now if you'll excuse me, Jeff Sessions and I are required by fiduciary bylaws to sacrifice a goat."

The Entercom-iHeart station exchange encompassing four U.S. markets was announced in connection with the DOJ green light. Under the deal, iHeart will acquire seven stations from Entercom in Boston and Seattle, while, Entercom will take 10 from iHeart in Richmond and Chattanooga. The pact should close in Q1 of next year.

Now hold up your bowl, because it's time for a bellyful of alphabet soup.

Boston's WRKO-AM, WZLX-FM, WKAF-FM and WBZ-AM in Boston and Seattle outlets KZOK-FM, KJAQ-FM and KFNQ-AM will move into iHeart's column, while Entercom will now bring WRVA-AM, WRXL-FM, WTVR-FM, WBTJ-FM, WRNL-AM and WRVQ-FM in Richmond and WKXJ-FM, WLND-FM, WRXR-FM and WUSY-FM in Chattanooga under its umbrella.