The founding family of Entercom is continuing to buy up shares of the company’s stock in the open market. Both Joe and David Field have been shelling out their own cash to buy stock.
We reported in December that Entercom CEO David Field and his father, Joe field, the company founder, had been buying shares after filing notice with the SEC of their intention to do so. That stock buying has not abated.
According to his most recent SEC filing, Joe Field bought 756,473 shares of Entercom stock from January 1st through March 25th – at prices ranging from 86 cents to $1.20 per share. That brought his total ownership, along with his wife, Marie, their trusts and their charitable foundation, to 9,176,541 shares (including 100,000 options).
From January 1st through March 3rd, David Field bought 85,898 shares at prices ranging from 94 cents to $1.20. The company CEO now owns 3,385,181 shares, including shares held by trusts and 358,333 options. David Field has completed his purchases under the coordinated purchase plan filed with the SEC in conjunction with Joe Field, but that doesn’t rule out him making additional purchases on his own. His filing last week with the SEC said he intends to review his investment in Entercom “on a continuing basis.”
RBR/TVBR observation: There’s no better way to show confidence that Entercom has a future. As noted previously, the Dickey family has showed confidence in Cumulus, primarily through Lew Dickey Sr. buying up lots of shares. You could also say that the Cox family is showing confidence in Cox Radio and the Hearst family in Hearst-Argyle Television with their pending bids to take the companies private.