In order to complete its merger with CBS Radio, Entercom has agreed to divest three of its station, including classic rocker KSWD Los Angeles (100.3 The Sound), to Educational Media Foundation for an undisclosed price. KSWD will be reformatted as Christian contemporary station K-LOVE 100.3 FM.
The company has also agreed to sell a pair of country stations, KOOQ in San Diego (which simulcasts on KSON) and WGGY (Froggy 101) in the Scranton-Wilkes Barre, Pa., area, to EMF.
MVP Capital, LLC served as Entercom’s financial advisors on the transaction.
Entercom President/CEO David Field issued the following statement about the divestiture, “We have made great progress towards the completion of our merger with CBS Radio, and this agreement with EMF brings us one step closer to the finish line. We remain on track to close the CBS Radio transaction later this year and confident in the value-creating opportunities presented by this transformational combination.”
Added EMF CEO Mike Novak, “We are particularly excited to see what God has in store for the people of Los Angeles, through our new station, ‘Positive & Encouraging’ K-LOVE at 100.3 FM. The people at Entercom have been a joy making this purchase possible.”
Based in Rocklin, Calif., EMF is a non-profit organization that owns a total of 770 FM stations and translators, specializing in adult contemporary Christian music.
Entercom announced plans to merge with CBS Radio last February in an all-stock transaction, giving it 240 stations in virtually all of the Top 50 U.S. media markets. The deal is expected to close by the end of 2017.