In an announcement released following the Closing Bell on Wall Street Tuesday (9/26) and minutes after the distribution of RBR+TVBR’s afternoon news headlines, Entercom Communications announced that it has agreed to sell KSWD-FM 100.3 “The Sound” in Los Angeles — in addition to KSOQ-FM 92.1 in the San Diego market and WGGI-FM 95.9 in the Scranton-Wilkes Barre market — to Educational Media Foundation (EMF).
This transaction marks the first required divestitures related to Entercom’s pending merger with CBS Radio.
In prepared comments, Entercom President/CEO David Field (pictured), said, “We have made great progress towards the completion of our merger with CBS Radio and this agreement with EMF brings us one step closer to the finish line. We remain on track to close the CBS Radio transaction later this year and confident in the value-creating opportunities presented by this transformational combination.”
EMF is the non-profit organization that has been one of the most prolific buyers of FM radio stations in recent months. It operates the Christian Contemporary Music noncomm networks K-LOVE and Air1.
As of today, EMF owns and operates some 770 FM stations and translators.
With EMF adding to its footprint in Los Angeles, San Diego and Wilkes-Barre, EMF CEO Mike Novak confirmed that KSWD will drop its Classic Rock presentation as “The Sound” and become the market’s KLOVE affiliate.
Novak said, “We are particularly excited to see what G-d has in store for the people of Los Angeles, through our new station, Positive & Encouraging K-LOVE at 100.3 FM. The people at Entercom have been a joy making this purchase possible.”
The purchase price was not disclosed; Form 314 filings with this information are expected to appear in the FCC’s database on Wednesday (9/27) or later this week.
The divestments are required as part of Entercom’s Reverse Morris Trust-fueled merger with CBS Radio, announced Feb. 2.
Elliot Evers of MVP Capital LLC acted as a financial adviser to Entercom for this transaction.