May 8, 2018 won’t be remembered as an entirely disappointing day for Entercom, which saw its shares descend to levels not seen since mid-September 2014 in morning trading on Wall Street following the release of Q1 results that missed Wall Street forecasts.
That’s because the company that now owns CBS Radio has just entered the national radio business.
Ahead of the Opening Bell on Wall Street, Philadelphia-based Entercom unveiled what’s being billed as the Entercom Audio Network. The national ad network (similar in nature to RADAR-based efforts seen for years by the radio industry) “will allow advertisers to leverage Entercom’s scale with targeted offerings across its portfolio of 235 top-rated radio stations reaching over 112 million listeners monthly,” the company boasts.
Entercom Audio Network is scheduled to launch July 1.
Commenting on the debut of the national ad network, Entercom President/CEO David Field inferred that his company is now ahead of Cumulus Media in terms of size and scope.
He said, “As one of the two largest radio broadcasters in the country, Entercom has the scale and reach to offer national brands a very compelling and effective unwired network with our premier collection of leading radio brands across the country. We cover close to 90% of people 12+ in the top 50 markets and we continue to invest in the best local brands and personalities to serve our audiences and our communities.”
Entercom Chief Revenue Officer Bob Philips also chimed in, saying, “Entercom now offers brands the national scale they need … Our connection to consumers is coveted by many national brands.”
Further details were not released by Entercom.