There’s a new “Value Advantage” backing Entercom Communications stock.
It’s thanks to the acquisition of a big chunk of the radio broadcasting company’s publicly traded issues by JP Morgan Chase & Co.
The company revealed Monday in an SEC filing that on Dec. 31, JP Morgan snagged some 13,073,873 of Entercom shares, representing 9.7% of the company’s available-to-shareholders stock.
The purchase is on behalf of JPMorgan Value Advantage Fund — a choice of those who are participants in 401(k) programs and wish to have their retirement funds placed in a specific diversified fund.
In this case, the fund now includes a chunk of Entercom shares.
JPMorgan Value Advantage Fund is now the beneficial owner of 6.2% of Entercom common shares.
The share snag helped send ETM to a Monday close of $4.46, up 6 cents from Friday.
