The FCC today granted the Merger and Divestiture Applications submitted by Entercom and CBS Corp. — the final hurdle that will see the Reverse Morris Trust-fueled merger of CBS Radio with Entercom’s radio holdings.
The deal’s approval, the Commission says, is “subject to certain conditions.” With that, the FCC also granted associated waivers on a temporary basis of six months.
Specifically, CBS and Entercom sought a temporary waiver of the radio-television cross-ownership rule in the San Francisco-Oakland-San Jose and Miami-Fort Lauderdale markets to permit CBS executives Leslie Moonves and Joseph Ianniello (Temporary Directors) to serve as Entercom directors for no longer than six months following the close of the transactions.
Entercom also sought a waiver of the local radio ownership rule to maintain its current ownership interests in the Kansas City market. In addition, Entercom currently holds a grandfathered radio combination in the Scranton, Pa., Nielsen audio market.
All were granted, with the San Francisco and Miami waivers expiring in six months.
“We are energized and excited by today’s announcement from the FCC,” said Entercom President/CEO David Field. “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.”