Greater Media Pulls Back From Sox Talks

Greater Media Pulls Back From Sox Talks
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Greater Media said it withdrew from the bidding process for the future radio rights for the Boston Red Sox.
"This was a difficult decision, but at the end of the day, the deal didn't make economic sense for the company," stated Peter Smyth, President and CEO of Greater Media, Inc.
According to the Boston Herald, Entercom, parent of Boston's local AMs WEEI and WRKO, is the sole remaining bidder.
WEEI's current contract with the Sox expires later this year and the Boston Globe pegs the new deal worth at least $12 million a year to the Sox.
The Herald reported Entercom's bid reportedly offered the Sox an option to buy equity in WRKO in the future.