Entercom Buys 15 Stations From CBS

It was a day for digging into the pocketbook at Entercom.
The company announced it will buy radio stations in four markets from CBS for $262 million.
The deal puts Entercom into Austin, Texas, and Cincinnati, markets 37 and 23, respectively, as ranked by revenue. It also expands the company’s presence in Memphis, Tenn., and Rochester, N.Y.
“Entercom intends to begin operations of all stations, except Rochester, through a time brokerage agreement in early October. In order to meet FCC regulations Entercom will be required to divest two stations in Rochester,” it stated. The deal is subject to regulatory approvals.
The stations are KKMJ(FM), KAMX(FM), KXBT(FM) and KJCE(AM) in Austin; WUBE(FM), WKRQ(FM), WGRR(FM) and WAQZ(FM) in Cincinnati; WMC(FM), WMFS(FM) and WMC(AM) in Memphis; and WRMM(FM), WCMF(FM), WPXY(FM) and WZNE(FM) in Rochester.
CBS earlier this year said it wants to spin off radio stations in 10 small markets and concentrate on holdings in larger markets.