CBS Radio is swapping two stations for a third in San Francisco in a complicated three-way deal with Bon-neville International Corp. and Entercom Radio.

CBS will trade KPIX-FM San Francisco to Bonneville and KLOU-FM St. Louis to Entercom, which will then give KTIS-FM San Francisco to CBS. Bonneville will pay $39.6 million to Entercom in the transaction, but CBS has structured its deal as a tax-free, like-kind exchange.

KTIS is a modern-rock station, KLOU programs oldies and KPIX is an all-talk simulcast with KPIX-AM, which CBS is retaining.

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