Watch Entercom’s President and CEO David Field Accept the 2017 National Radio Award


About the Radio Show

The 2017 Radio Show, produced by the National Association of Broadcasters (NAB) and the Radio Advertising Bureau (RAB), will be held September 5-8 in Austin. This year’s show brings radio broadcasters and industry colleagues together to share knowledge, discover the latest innovations, network with industry leaders and explore creative business strategies for the digital age. To learn more about the 2017 Radio Show, visit www.radioshowweb.com.

About NAB
The National Association of Broadcasters is the premier advocacy association for America’s broadcasters. NAB advances radio and television interests in legislative, regulatory and public affairs. Through advocacy, education and innovation, NAB enables broadcasters to best serve their communities, strengthen their businesses and seize new opportunities in the digital age. Learn more at www.nab.org.

About RAB
The Radio Advertising Bureau serves more than 6,000 member Radio stations in the U.S. and over 1,000 member networks, representative firms, broadcast vendors, and international organizations. RAB leads and participates in educational, research, sales, and advocacy programs that promote and advance Radio as a primary advertising medium. Learn more at www.rab.com.

Entercom Launches “I’m Listening” Campaign for Mental Health Awareness and Suicide Prevention

Campaign Features Medical Experts and Artists, Including Metallica, Krist Novoselic, Logic, Halsey, David Draiman and Gary Allan

A Live On-Air Special Will Be Broadcast on all Entercom Platforms on World Suicide Prevention Day, Sunday, September 10th

BALA CYNWYD, PA – SEPTEMBER 5th, 2017 – Entercom has announced today the launch of the “I’m Listening” campaign for mental health awareness and suicide prevention. The campaign includes a two-hour on-air special that will be broadcast live from Seattle on World Suicide Prevention Day, Sunday, September 10, 2017 at 10:00 a.m. ET / 9:00 a.m. CT / 8:00 a.m. MT / 7:00 a.m. PT across all Entercom platforms, a first in the company’s history. Additionally, the campaign includes suicide prevention PSAs, on-air promos and live conversation airing on Entercom stations beginning today.

The two-hour live special will focus on personal stories from artists and celebrities while offering help and resources to listeners via a live call-in option. The conversation will be led by BJ Shea, Entercom Seattle KISW-FM on-air personality, and will feature guests such as Christine Moutier, M.D., Chief Medical Officer of the American Foundation for Suicide Prevention and Dr. Ursula Whiteside, clinical psychologist, CEO of NowMattersNow.org.

Musicians and celebrities connected to the cause are coming together to help end the stigma connected to talking about mental health. The personalities scheduled to appear during the special program include Metallica; Sarah Barthel, Phantogram; Krist Novoselic, Nirvana; Logic; William DuVall, Alice In Chains; Halsey; Michael Angelakos, Passion Pit; David Draiman, Disturbed; LeRoy Butler, former NFL player for the Green Bay Packers; Kristen Carney, Mentally Ch(ill) Podcast; James Arthur; Gary Allan; Khalid; Jack Antonoff, Bleachers; Justin Furstenfeld, Blue October; and legendary music producer Bob Ezrin; among others.

“No matter who you are, you have a powerful role to play in preventing suicide. We’re at a point in time where so many people, including celebrities and musicians, have opened up about their experience with mental health or their loss to suicide. That brave act of opening up about mental health challenges has helped to shape the culture. Now it’s time to deepen our knowledge and learn what to do if you’re concerned about yourself or a loved one. The ability each of us has to make people in our lives feel valued can’t be underestimated,” said Dr. Christine Moutier, AFSP Chief Medical Officer.

The topics to be discussed during the special include what all of us can do to prevent suicide, how to talk to friends and family about mental health and suicide, what to do if you or someone you know is struggling with depression, how to get involved in suicide prevention in your local community and where to go to learn more about the cause.

“Like so many millions of people, my family has dealt with mental illness. Until very recently, most people kept quiet about the experience,” said Pat Paxton, President of Programming, Entercom. “‘I’m Listening’ aims to end the stigma of talking about mental health and is the result of all of our stations uniting to offer hope to those affected and the friends and family supporting them. As a media broadcaster, we know that talk saves lives and that is exactly what this show is about – saving lives.”

“Through the American Foundation for Suicide Prevention, we know that everyone has a role to play,” said Logic. “I am so proud to partner with Entercom on a national scale, and I hope that among other things, my song ‘1.800.273-8255’ will help end the stigma of talking about mental health. Radio, quite literally, can save lives.”

“Mental health and suicide prevention is a critical topic, and I am glad to partner with Entercom and the American Foundation for Suicide Prevention on the ‘I’m Listening’ campaign,” said Michael Angelakos, Passion Pit. “This is a universal issue that does not exclude a single living person, and we need to come together to create awareness.”

“Since the loss of my oldest son to suicide, mental health and mental illness issues have been very close to my heart,” said Bob Ezrin. “We need to speak openly and honestly about these issues so that it becomes natural for people who are suffering to reach out for help.”

According to the Center for Disease Control and Prevention (CDC), approximately one in five adults in the U.S., or 43.8 million people experience mental illness in a given year, and one in five youths aged 13–18 years old experiences a severe mental disorder at some point during their life. We know from the CDC that suicide is the tenth leading cause of death in the United States and the only one in the top ten that is on the rise. Among those aged 10-24, suicide is the third leading cause of death. Mental health affects everyone regardless of culture, race, ethnicity, gender or sexual orientation.

For more information about the campaign, please visit www.ImListening.org. For additional assets, click here for photos and here for videos. Follow the conversation on Twitter and Facebook using the hashtag #ImListening.

If someone you know is going through a crisis, please call the National Suicide Prevention Lifeline at 1-800-273-TALK (8255) or contact the Crisis Text Line by texting TALK to 741-741.

CONTACT:
Esther-Mireya Tejeda
Entercom Communications
610-822-0861
Esther-Mireya.Tejeda@entercom.com
@EntercomPR

About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its portfolio of highly rated stations in top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities.  Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite. Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).

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Entercom Names Chris Wegmann as Vice President, Market Manager for Entercom New Orleans

Chris Wegmann

PHILADELPHIA, PA – AUGUST 22, 2017 – Entercom today announced the appointment of Chris Wegmann as Vice President and Market Manager for Entercom New Orleans, overseeing WWL AM/FM, Magic 101.9 (WLMG-FM), 95.7 The Bayou (WKBU-FM), B97 (WEZB-FM), Hot 103.7 (WWWL-AM), and The New Orleans Saints Radio Network. Wegmann is a radio veteran with 40 years of experience managing stations in markets including New Orleans, Austin, Pittsburgh, Houston and Atlanta. Prior to joining Entercom, Wegmann served as President of the Radio Division of Radio One.

“I am excited to have someone of Chris’s background joining Entercom in New Orleans,” said Michael Doyle, Regional President, Entercom. “He started his career in New Orleans, and is returning with an impressive resume of success in our industry.”

Wegmann is a New Orleans native and began his career at WBOK–AM, an R&B station, later moving to WWIW-AM, Music of Your life, as General Manager. Wegmann also worked with Dick Oppenheimer’s Signature Broadcasting as General Manager of K98 KHFI-FM in both Austin and McAllen, Texas as well as Pittsburgh, Pennsylvania. Wegmann was Regional Vice-President for Gulf Star and Clear Channel, overseeing five markets including New Orleans.  In 2001, Wegmann joined Cox Radio in Houston and subsequently was promoted to run the WSB flagship cluster in Atlanta, Georgia.

Wegmann holds a Bachelor of Business Administration from Loyola University New Orleans. He is past member of Nielsen Audio’s Radio Advisory Board and is a past board member for numerous state broadcaster associations including Louisiana, Texas, Georgia, Maryland, Delaware and Washington DC.

CONTACT:
Esther-Mireya Tejeda
Entercom Communications Corp.
610.822.0861
Esther-Mireya.Tejeda@entercom.com
@EntercomPR

 About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its portfolio of highly rated stations in top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities.  Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite.  Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).

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Entercom and DGital Media Announce Investment and Strategic Partnership

PHILADELPHIA, PA – AUGUST 3, 2017 – Entercom Communications Corp., the fourth-largest radio broadcasting company in the U.S., and DGital Media Inc., a leading creator of premium, personality-based podcasts and other on-demand audio content, today announced an investment and strategic partnership. Under the terms of the agreement, Entercom purchased a 45 percent stake in DGital Media.

In addition to the investment, Entercom will provide DGital Media with significant annual marketing and promotional support across its nationwide broadcast radio platform, including 126 top rated radio stations in 28 markets coast to coast. Furthermore, Entercom and DGital Media entered into a multi-year services agreement under which DGital Media will dedicate significant resources to create world-class, original on-demand audio content leveraging Entercom’s deep roster of local talent and relationships in the world of sports, news, politics, music, comedy, and technology. DGital Media will also serve as Entercom’s exclusive third-party ad sales representative for all of its podcasts and other on-demand audio.

Podcast consumption continues to grow rapidly in the U.S., and according to The Infinite Dial from Edison Research, 67 million Americans or 24 percent of people ages 12 and up listened to a podcast in the past month. According to a new report from the IAB, in partnership with PricewaterhouseCoopers US, podcast ad revenue has grown by 85 percent this year and is on track to reach more than $220 million in 2017.

“We are delighted to enter into this important relationship with DGital Media that enables us to partner with the premier on-demand audio content company in the U.S. and will scale our capabilities in this rapidly growing space,” said David Field, President and Chief Executive Officer, Entercom. “Upon close of our CBS Radio merger, Entercom will be the clear leader in creating original audio content and we are committed to reaching our listeners in any way they wish to engage with us, whether through live over-the-air broadcasts, streaming audio, on-demand audio or in-person events and experiences. DGital Media has an impressive track record of developing and producing podcasts and growing audiences for their content partners. This partnership will strategically enhance our ability to deliver compelling audio to the public, wherever and whenever they please.”

“We see Entercom as the perfect catalyst for the next phase of our growth,” said Spencer Brown, Chief Executive Officer, DGital Media. “As the leading creator of live, original audio content in sports, news, and music, Entercom offers DGital Media access to a national audio platform that will accelerate the development of our audience engagement efforts. This strategic investment helps us extend the reach of our partners and build their audiences across the audio landscape.”

Richard A. Foreman Associates, Inc. acted as a financial adviser to DGital Media for this transaction.

CONTACTS:
Esther-Mireya Tejeda
Entercom Communications
610-822-0861
Esther-Mireya.Tejeda@entercom.com
@EntercomPR

Josefina Francis
DGital Media
212-680-0151
josefina@dgitalmedia.com
@dgitalmedia

About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its portfolio of highly rated stations in top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities.  Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach   Digital   product   suite.    Learn   more   about   Philadelphia-based   Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).

About DGital Media Inc.
DGital Media (www.DGitalMedia.com) is the leading creator of premium, on-demand audio entertainment in sports, business, tech, politics, comedy and news. The company creates, distributes, markets and monetizes high-quality audio content across a wide range of media outlets. DGital Media is headquartered in New York, with offices in Los Angeles and San Francisco.

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Entercom New Orleans’ Vice President and Market Manager Chris Claus to Retire August 2017

NEW ORLEANS, LA – AUGUST 2, 2017 – Entercom today announced that Chris Claus will retire after 10 years of service as Vice President and Market Manager for the New Orleans cluster, effective August 31, 2017.

The 35 year broadcasting veteran joined Entercom in 2007. During his time with the company, he has been an exceptional contributor to the cluster not only for his extensive News, Talk and Sports experience but also his deep ties to the community in New Orleans.

“Chris Claus has provided tremendous leadership to Entercom New Orleans and to the good people of Louisiana over the past 10 years. Chris championed New Orleans during the critical post Katrina period, during Hurricane Gustav in 2008 and throughout the Deepwater Horizon/BP Oil spill in 2010,” said Deborah Kane, President of Sales, Entercom. “Chris’ engaging style of management, his unwavering professionalism and his heart has made an indelible imprint on Entercom employees and the community at large.”

“For nearly a decade, Chris has been a leader for both our company, and for the community in New Orleans,” added Michael Doyle, Regional President, Entercom. “He has been involved with our listeners, our customers and many causes that represent the best of who we want to be as broadcasters. His leadership and his personal integrity will be missed.”

“I am grateful for these 10 years in the New Orleans cluster working with exceptional colleagues and being a part of this great community,” said Chris Claus. “I had a wonderful experience and now I look forward to spending time with my family.”

Prior to joining Entercom, Claus served as Vice President and General Manager for stations in San Diego (KJQY-FM), Los Angeles (KFWB-AM and KTWV-FM) and Philadelphia (WPHT-AM and WOGL-FM).

CONTACT:
Esther-Mireya Tejeda
Entercom Communications
610-822-0861
Esther-mireya.tejeda@entercom.com
@EntercomPR

 About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its portfolio of highly rated stations in top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities.  Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite.  Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).

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Entercom Communications Corp. Reports Second Quarter Results and Announces $0.20 Special Dividend

Click here to view the complete release

Bala Cynwyd, PA—Entercom Communications (NYSE: ETM) today reported financial results for the quarter ended June 30, 2017.

Second Quarter Highlights

  • Net revenues increased 3% to $125.0 million, compared to $121.6 million in the second quarter of 2016
  • Operating income was $16.4 million, compared to $27.6 million in the second quarter of 2016
  • Net income per diluted share was $0.15, compared to net income per diluted share of $0.26 in the second quarter of 2016
  • Same station net revenues increased by 1% excluding political
  • Adjusted EBITDA decreased 13% to $26.7 million

David J. Field, President and Chief Executive Officer, stated: “We continue to make great progress in our planning for our transformational merger with CBS Radio that will make us the #1 provider of original, local audio content in the U.S. and create the scale to compete with other media for a larger share of ad spending. As we meet with clients, agencies, and strategic partners, we are more confident than ever about the value-creating opportunities ahead. Second quarter revenues increased 3% as reported, and up 1% on a same-station basis ex-political. Expenses were up more than usual due to our acquisition in Charlotte, some significant one time only expenses and additional costs related to building the organization in anticipation of the merger. We expect expense growth to recede in the 3rd quarter and look for meaningful margin expansion post-closing.”

Additional Information

Today the Company announced that, as permitted under its merger agreement with CBS Radio, it would pay a special one-time dividend of $0.20 per share on August 30th to shareholders of record on August 15th. This dividend will be in addition to the Company’s regular quarterly dividend of $0.075 per share, which will be paid on September 15th to shareholders of record on August 15th.

Second quarter results include $5.8 million in merger and acquisition costs related to the Company’s pending acquisition of CBS Radio, which were primarily for legal and consulting services.

As of June 30, 2017, the Company had outstanding $467.6 million of senior debt under its credit facilities and $27.7 million in perpetual cumulative convertible preferred stock. In addition the Company had $8.6 million in cash on hand.

During the second quarter, the Company revised its accounting for its digital marketing services product line, Smart Reach Digital, in order to account for its revenues on a gross basis and to include the related COGS in station operating expenses, versus its prior treatment of classifying those costs as a deduction from revenue. All prior periods presented have also been revised to reflect this revision.

Earnings Conference Call and Company Information

Entercom will hold a conference call regarding the quarterly earnings release on Friday July 28, 2017 at 10:00 AM Eastern Time. Investors will have the opportunity to submit questions to the Company regarding the earnings release by emailing their inquiries to questions@entercom.com. Questions should be sent at least 10 minutes prior to the call. The Company will only discuss inquiries made by email prior to the conference call. The public may access the conference call by dialing 888-889-0278 (passcode: Entercom).  A replay of the conference call will be available and can be accessed either by dialing 866-452-2106 or by visiting the Company’s website: www.entercom.com. Additional information and reconciliation of same station results are available on the Company’s website at www.entercom.com.

Certain Definitions

All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.

Station expenses consist of station operating expenses excluding non-cash compensation expense.

Corporate expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.

Station Operating Income consists of operating income (loss) before: depreciation and amortization; time brokerage agreement fees (income); corporate general and administrative expenses; non-cash compensation expense (which is otherwise included in station operating expenses); impairment loss; merger and acquisition costs, other expenses related to the refinancing and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and gain or loss on sale or disposition of assets.

 Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); total other expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); impairment loss, merger and acquisition costs, preferred stock dividends and non-recurring expense recognized for restructuring charges or similar costs, including transition and integration costs, and gain or loss on sale or disposition of assets.

Adjusted Free Cash Flow consists of operating income (loss): (i) plus depreciation and amortization, net (gain) loss on sale or disposal of assets; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses), impairment loss; merger and acquisition costs, other expenses related to the refinancing, loss on extinguishment of debt, other income and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and (ii) less net interest expense (excluding amortization of deferred financing costs), preferred stock dividends, taxes paid and capital expenditures.

Adjusted Net Income (Loss) consists of net income (loss) available to common shareholders adjusted to exclude: (i) income taxes (benefit) as reported; (ii) gain/loss on sale of assets, derivative instruments and investments; (iii) non-cash compensation expense; (iv) other income; (v) impairment loss; (vi) merger and acquisition costs, other expenses related to the refinancing, loss on extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and (vii) gain/loss on early extinguishment of debt.  For purposes of comparability, income taxes are reflected at the expected statutory federal and state income tax rate of 40% without discrete items of tax.

Adjusted Net Income Per Share includes any dilutive equivalent shares when not anti-dilutive. Convertible Preferred Stock is treated as if it never converted for the purposes of Adjusted Net Income Per Share.

Non-GAAP Financial Measures

It is important to note that station operating income, station expense, corporate expense, same station net revenues, same station expenses, same station operating income, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Adjusted Free Cash Flow are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”).  Management believes that these measures are useful as a way to evaluate the Company and the means for management to evaluate our radio stations’ performance and operations.  Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry as a measure of a radio company’s operating performance.

Certain adjusted non-GAAP financial measures are presented in this release (e.g., Adjusted Net Income and Adjusted Net Income Per Share). The adjustments exclude gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to the refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs.  For purposes of comparability income taxes are reflected at the expected federal and state income tax rate of 40% without adjustment for discrete tax adjustments.

Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Company’s core operating and financial results.  Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Company’s ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.

Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company’s financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles.  These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies.  The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.

Note Regarding Forward-Looking Statements

The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission’s Regulation FD.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company’s filings on Forms S-4, 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position.  Accordingly, the Company’s actual performance may differ materially from those stated or implied herein.  The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.

About Entercom Communications Corp.

Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its portfolio of highly rated stations in top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities.  Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite.  Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).

Contact:
Richard Schmaeling
Executive Vice President and CFO, Entercom
(610) 660-5686
Richard.Schmaeling@entercom.com

 

Entercom Communications Schedules Second Quarter 2017 Earnings Release

(Bala Cynwyd, PA)— Entercom Communications (NYSE: ETM) announced today that it will release second quarter 2017 financial results before the market opens on Friday, July 28, 2017.

Entercom will hold a conference call regarding the quarterly earnings release on Friday, July 28th at 10:00 a.m. Eastern Time. The public may access the conference call by dialing 888-889-0278 (passcode: Entercom).

Investors will have the opportunity to submit questions to the Company regarding the earnings release by emailing their inquiries to questions@Entercom.com. Questions should be sent by 10 minutes prior to the call.

A replay of the conference call will be available for one week by dialing 866-452-2106. A webcast of the conference call will be available beginning six hours after the call on the Company’s website for a period of two weeks. Entercom Communications’ website is located at www.entercom.com.

Contact: Richard Schmaeling
Executive VP and CFO
Entercom Communications Corp.
610-660-5686

About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its portfolio of highly rated stations in top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities. Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite. Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).

Entercom Portland Appoints Bill Ashenden as Vice President and Market Manager

Bill Ashenden 2

NEW YORK – JUNE 13, 2017 – Entercom today announced that Bill Ashenden is joining the Portland cluster as the Vice President and Market Manager for Entercom Portland effective July 10th, 2017. Ashenden previously served as the Market Manager and General Manager for BiCoastal Media in Medford, Oregon.

“Bill impressed us not only with his deep knowledge of the Portland market and the radio business overall, but also with his experience in developing people and long term client relationships,” said Michael Doyle, Regional President of Entercom.

Ashenden is a 30 year veteran of the radio business with a particular focus on the Portland area and has worked with radio broadcasters including Alpha Broadcasting, Rose City Radio, Great American Broadcasters, and most recently BiCoastal Media. He is a graduate of the University of Portland and served as president on the board of the Oregon Association of Broadcasters for three years.

“I look forward to working with the best team and the best brands in Portland to deliver outstanding results for our customers,” said Ashenden.

Entercom Portland operates 7 radio brands that reach over 1.3 million listeners each week.  Brands include Classic Rock KGON-FM, Sports Talk KFXX-AM and KMTT-AM, Hot Adult Contemporary KRSK-FM, Country KWJJ-FM, Alternative KNRK-FM and Adult Contemporary KYCH-FM.  Additionally, Entercom Portland offers digital marketing services through Smart Reach Digital including display advertising, SEM and SEO, social media marketing and video production.  The cluster is also one of the leading operators of local events in the Portland area.

CONTACT:
Esther-Mireya Tejeda
Entercom Communications
610 822-0861
Esther-mireya.tejeda@entercom.com
@EntercomPR

About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its portfolio of highly rated stations in top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities.  Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite.  Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).

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Entercom Communications Corp. Reports First Quarter Results

Click here for the complete release

Bala Cynwyd, PA—Entercom Communications (NYSE: ETM) today reported financial results for the quarter ended March 31, 2017.

First Quarter Highlights

  • Net revenues for the quarter increased 1.4% to $97.5 million
  • Station expenses increased 5% to $75.4 million
  • Station operating income decreased 10% to $22.0 million
  • Adjusted EBITDA decreased 23% to $14.1 million
  • Adjusted net income per share was $0.07, down $0.02

David J. Field, President and Chief Executive Officer, stated: “I am very pleased with our progress on all fronts as we continue to plan and prepare for our transformational merger with CBS Radio. This will truly be a game-changing event for Entercom as we will achieve a number of scale-related benefits, including the ability to compete far more effectively against other media for a larger share of advertising spending. First quarter revenues increased 1.4%, down about 1% on a same-station basis ex-political. We experienced a highly unusual degree of large one-time only expenses during the quarter (including the return of a station license in Sacramento, CBS transaction costs and our CFO transition), that drove expenses significantly higher. Looking ahead to the completion of the merger with CBS, we expect synergies that will drive margin expansion.”

Additional Information

On February 2, 2017, the Company announced an agreement to combine with CBS Radio in a tax-free, all stock transaction. The merger will make Entercom a leading local media and entertainment company with a nationwide footprint of stations, including positions in all of the top 10 markets and 23 of the top 25 markets. Based on Entercom’s current stock price, the combined company will have a pro forma equity value of approximately $1.6 billion and the strongest balance sheet of any of the major radio groups. Upon closing of the transaction, the combined company will be led by David J. Field, Entercom’s President and Chief Executive Officer. Additional information concerning the proposed CBS merger can be found in the Company’s SEC Form S-4 filing on April 12, 2017.

First quarter results include a non-cash $13.5 write-down related to the relinquishment of an FM license in Sacramento to the FCC in order to facilitate the CBS transaction and $10.3 million in merger and acquisition costs related to the CBS transaction, which were primarily for legal and financial advisory services. In addition, the Company’s first quarter GAAP tax rate was higher than normal due to the non-deductibility of certain M&A related expenses.

On January 6, 2017, the Company completed an acquisition of four stations in Charlotte, NC from Beasley Broadcast Group, Inc. (“Beasley”) for $24 million in cash. The Company commenced operations for three of the stations, The Link (WLNK-FM) and news/talk leader WBT AM/FM, on November 1, 2016 under a time brokerage agreement (“TBA”) and the fourth station, The Fan (WFNZ-AM), upon the closing on January 6, 2017. Operating results for the three stations operated under the TBA were included in the Company’s results for the full quarter and results for The Fan beginning January 7th.

As of March 31, 2017, the Company had outstanding $465.0 million of senior debt under its credit facilities and $27.7 million in perpetual cumulative convertible preferred stock. In addition the Company had $4.7 million in cash on hand.

On March 2, 2017, CBS Radio priced a new $500 million term loan B that will be drawn when the Entercom and CBS Radio transaction closes and will be used to refinance Entercom’s existing credit facility, its perpetual cumulative convertible preferred stock, to pay fees and expenses and for general corporate purposes. The new term loan will bear interest at a rate of LIBOR plus 2.75%, with no floor, and will be issued at par.

On March 22, 2017, the Company announced the appointment of Richard J. Schmaeling as Executive Vice President and Chief Financial Officer, effective April 18, 2017. Rich is a proven public company CFO with deep media expertise and hands-on leadership experience of the successful integrations for the LIN Media/Media General and Dow Jones/News Corp mergers.

On May 2, 2017, Mike Dee, an accomplished executive with over 20 years of leadership experience with some of the most respected organizations in the world of sports, joined the Company in the newly created position of President of Entercom Sports. Mike will be responsible for elevating the Company’s position as a leading sports media partner in support of the Company’s expansive suite of local sports radio stations and personalities and sports play-by-play relationships.

Earnings Conference Call and Company Information

Entercom will hold a conference call regarding the quarterly earnings release on Monday May 8, 2017 at 10:00 AM Eastern Time. Investors will have the opportunity to submit questions to the Company regarding the earnings release by emailing their inquiries to questions@entercom.com. Questions should be sent at least 10 minutes prior to the call. The Company will only discuss inquiries made by email prior to the conference call. The public may access the conference call by dialing 888-889-0278 (passcode: Entercom).  A replay of the conference call will be available and can be accessed either by dialing 866-452-2106 or by visiting the Company’s website: www.entercom.com. Additional information and reconciliation of same station results are available on the Company’s website at www.entercom.com.

Certain Definitions

All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.

Station expenses consist of station operating expenses excluding non-cash compensation expense.

Corporate expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.

Station Operating Income consists of operating income (loss) before: depreciation and amortization; time brokerage agreement fees (income); corporate general and administrative expenses; non-cash compensation expense (which is otherwise included in station operating expenses); impairment loss; merger and acquisition costs, other expenses related to the refinancing and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and gain or loss on sale or disposition of assets.

 Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); total other expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); impairment loss, merger and acquisition costs, preferred stock dividends and non-recurring expense recognized for restructuring charges or similar costs, including transition and integration costs, and gain or loss on sale or disposition of assets.

Free Cash Flow consists of operating income (loss): (i) plus depreciation and amortization, net (gain) loss on sale or disposal of assets; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses), impairment loss; merger and acquisition costs, other expenses related to the refinancing, loss on extinguishment of debt, other income and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and (ii) less net interest expense (excluding amortization of deferred financing costs), preferred stock dividends, taxes paid and capital expenditures.

Adjusted Net Income (Loss) consists of net income (loss) available to common shareholders adjusted to exclude: (i) income taxes (benefit) as reported; (ii) gain/loss on sale of assets, derivative instruments and investments; (iii) non-cash compensation expense; (iv) other income; (v) impairment loss; (vi) merger and acquisition costs, other expenses related to the refinancing, loss on extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and (vii) gain/loss on early extinguishment of debt.  For purposes of comparability, income taxes are reflected at the expected statutory federal and state income tax rate of 40% without discrete items of tax.

Adjusted Net Income Per Share includes any dilutive equivalent shares when not anti-dilutive. Convertible Preferred Stock is treated as if it never converted for the purposes of Adjusted Net Income Per Share.

Non-GAAP Financial Measures

It is important to note that station operating income, station expense, corporate expense, same station net revenues, same station expenses, same station operating income, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Free Cash Flow are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”).  Management believes that these measures are useful as a way to evaluate the Company and the means for management to evaluate our radio stations’ performance and operations.  Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry as a measure of a radio company’s operating performance.

Certain adjusted non-GAAP financial measures are presented in this release (e.g., Adjusted Net Income and Adjusted Net Income Per Share). The adjustments exclude gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to the refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs.  For purposes of comparability income taxes are reflected at the expected federal and state income tax rate of 40% without adjustment for discrete tax adjustments.

Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Company’s core operating and financial results.  Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Company’s ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.

Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company’s financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles.  These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies.  The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.

Note Regarding Forward-Looking Statements

The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission’s Regulation FD.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company’s filings on Forms S-4, 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position.  Accordingly, the Company’s actual performance may differ materially from those stated or implied herein.  The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.

About Entercom Communications Corp.

Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its portfolio of highly rated stations in top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities.  Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite.  Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).

Contact: Richard Schmaeling
Executive Vice President
and CFO, Entercom
(610) 660-5686
Richard.Schmaeling@entercom.com

Entercom and Westwood One Partner to Syndicate Seattle’s 99.9 KISW-FM Show “The Men’s Room”

MensRoom_July2016_KISW_TalentImage_1170x515

SEATTLE, WA and NEW YORK, NY – May 3, 2017 Entercom Communications and Westwood One announced today a new partnership to nationally syndicate The Men’s Room, the No. 1 afternoon show in Seattle across all key adult and male demographics*. The program currently airs weekdays on 99.9 KISW-FM, The Rock of Seattle, from 2 pm. to 6 pm PT. Westwood One will roll out syndication to stations nationwide and represent ad sales. The show will launch nationally on June 5, 2017.

The Men’s Room was born one evening in a dark bar during an argument over tater tots in 2004. The hosts, Miles Montgomery, Steve “The Thrill” Hill and Thee Ted Smith, as well as producers Robin Foxx and Mike Hawk joined forces to create a radio show to entertain audiences with no-holds barred, no-topic-off-limits conversation, laughter and anecdotes.

“We couldn’t be happier. From the start, we’ve always wanted to have fun doing a show where everyone was invited, and now we can extend the invite with Westwood One,” said Steve “The Thrill” Hill and Miles Montgomery, co-hosts of The Men’s Room. “We’re pretty excited. This is the perfect partnership.”

“For 51 consecutive books*, The Men’s Room has been No. 1,” said Suzanne Grimes, Executive Vice President, Corporate Marketing, Cumulus Media and President, Westwood One. “Our partnership will extend this impressive performance coast to coast. We are excited to welcome The Men’s Room to our national audience of listeners and advertisers.”

“These guys have put a lot of effort for the last 13 years into dominating Seattle’s cluster,” said Dave Richards, Vice President of Programming and Operations, Entercom Seattle. “They have earned the opportunity to dominate coast to coast with a great partnership between Entercom and Westwood One”.

The popular show also launched a beer brand in 2010 with great success. Three types of beer are available: Men’s Room Original Red, the flagship beer; Men’s Room Gold, a light ale for the summer; and Men’s Room Black, the winter beer. The beers are currently available in over 3,800 locations nationwide. For seven years, over 600 thousand dollars of sales from The Men’s Room Elysian Beer products have been donated to the U.S. Department of Veterans Affairs and JBLM Fisher Houses in Washington State.

For more information about the show, please visit www.kisw.com/shows/mens-room. Follow the conversation on Facebook and Twitter.

Interested stations can contact Neal Bird at nbird@westwoodone.com  or (310) 840-4207 or Neal Weiner at (206) 706-1373 or nweiner@westwoodone.com.

*Source: Nielsen Audio, The Men’s Room, Seattle KISW-FM 99.9 The Rock, M-F 2 p.m.-6 p.m., surveys in all of 2013, 2014, 2015, 2016 and up to March 2017 ranked No.1 in 54 of 55 surveys among Men 18-34, No. 1 in 55 of 55 surveys among Men 18-49 and 25-54; No.1 in 51 of 55 surveys among Adults 18-49; and No.1 in 53 of 55 surveys among Adults 25-54.

CONTACT:
Brian Thorpe
Entercom Seattle
206-577-2561
bthorpe@entercom.com
@999KISW | @EntercomPR

Jana Polsky
Westwood One
212-641-2101
jpolsky@westwoodone.com

About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is the fourth-largest radio broadcasting company in the U.S., reaching and engaging more than 40 million people a week through its portfolio of highly rated stations in top markets across the country. Entercom is a purpose-driven company, deeply committed to entertaining and informing its listeners with the best locally curated music, news, sports, and talk content, driven by compelling local personalities.  Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and unparalleled local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite.  Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).

About Westwood One
Westwood One, the national-facing arm of Cumulus Media, offers audio products to reach listeners whenever, wherever they are. Westwood One is a trusted connection between audio companies, advertisers, and audience — with 8,200 broadcast radio stations and media partners who reach 245 million weekly listeners. The company’s portfolio features premium content with iconic, nationally syndicated media, sports and entertainment brands including the NFL, the NCAA, the Masters, the Olympics, Westwood One Backstage, the GRAMMYs, the Academy of Country Music Awards, and the Billboard Music Awards. For more information please visit www.westwoodone.com.