FCC Officially Approves Entercom/CBS Merger

From this morning's RAMP newsletter...

The Federal Communications Commission has formally approved the merger of CBS Radio and Entercom -- another giant step closer to the creation of the radio industry's second largest company, combining Entercom's 127 stations and CBS Radio's 117 stations. The approval was given near the bottom of a wordy 20-page document, which read, "We have reviewed the proposed merger, the applications for its approval, and related comments. We conclude that the applicants are fully qualified and that grant of the Merger Applications and the Trust Applications, subject to the conditions set forth herein, will serve the public interest, convenience, and necessity." In response to the FCC's ruling, Entercom President & CEO David Field said, "We are energized and excited by today's announcement from the FCC. The Commission's approval marks a significant milestone on our path toward completing the transformational combination of Entercom and CBS Radio. This brings Entercom an important step closer to our goal of delivering greater value for our listeners, customers and shareholders as a leading media and entertainment company with national scale and the No. 1 creator of live, original and local audio content."