Roughly two months ago, Entercom President/CEO David Field insisted that his company was right on track, or perhaps ahead of schedule, in implementing a “robust action plan” for long-term growth. The company that merged with CBS Radio had a “complicated” Q4 2017 earnings report to explain, as Q4 revenues pro forma were down 6% — or 3%, ex-political.
Why? “These results were adversely effected by a $4 million write-down of revenues related to our contract with US Traffic Network (USTN),” Field said. The comments set off a mild firestorm of speculation as to the future of USTN.
Today, USTN is in a much different place. As such, Entercom and USTN have signed a new agreement — which gives Entercom a stake in the operation.