Entercom Communications Corp. Reports Third Quarter Results

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Revenue Increased 5% and Adjusted EBITDA Increased 8%


Bala Cynwyd, PA—Entercom Communications (NYSE:ETM) today reported financial results for the quarter ended September 30, 2016 and announced a quarterly dividend payable December 15, 2016.

Third Quarter Highlights

  • Net revenues for the quarter increased 5% to $120.5 million
  • Station expenses increased 2% to $82.5 million
  • Station operating income increased 12% to $37.9 million
  • Adjusted EBITDA increased 8% to $30.4 million
  • Adjusted net income per share increased 8% to $0.27

David J. Field, President and Chief Executive Officer, stated: “David J. Field, President and Chief Executive Officer, stated: “Entercom delivered another solid quarter of organic top line and bottom line growth, demonstrating the strength of our great local brands and our outstanding team.  We are also very pleased to have just completed a highly successful refinancing that will lower our annual interest expense by more than $10 million and to have announced a terrific, value-creating acquisition of four stations in Charlotte. We are excited by the opportunities ahead as we look to finish the year on a strong note and get off to a great start in 2017.”

Additional Information

The Company’s Board of Directors has declared a dividend of $0.075 per share which will be payable on December 15, 2016 to shareholders of record as of the close of business on November 28, 2016.

In November, the Company entered into a new $540 million credit facility, including a $60 million revolver and $480 million term loan. The proceeds of the refinancing were used to repay the Company’s prior credit facility and to call its $220 million of outstanding 10.5% Senior Notes

effective December 1. The new financing will generate approximately $10 million in annual pro forma interest expense savings as the Company’s 10.5% high yield bonds are replaced by lower cost senior secured debt. The new revolver matures in November 2021 and the term loan matures in November 2023.

In October, the Company announced the acquisition of four stations in Charlotte, NC from Beasley Broadcast Group, Inc. for $24 million in cash. The transaction adds strong local brands The Fan (WFNZ-AM), The Link (WLNK-FM) and news/talk leader WBT AM/FM to Entercom’s station group. The Company began operating WLNK-FM and WBT AM/FM under a time brokerage agreement (“TBA”) starting November 1 and will begin operating WFNZ-AM under a TBA on January 1, 2017 if the acquisition has not already closed. The transaction is expected to close in either late fourth quarter or early in the first quarter of 2017 following regulatory approvals.

During the quarter, the Company settled a legal claim with British Petroleum related to the Deepwater Horizon oil spill in the Gulf of Mexico that occurred in 2010 and the resulting negative financial impact on ad sales at our New Orleans station cluster. After deducting related expenses, the Company recovered $2.3 million which appears as Other Income in the financial results.

As of September 30, 2016 the Company had $443.6 million of senior debt, capital leases and senior notes and $9.9 million in cash. In addition, the Company had $27.7 million in perpetual cumulative convertible preferred stock.

Earnings Conference Call and Company Information

Entercom will hold a conference call regarding the quarterly earnings release on Monday November 7, 2016 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 800-873-2054 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 and restructuring charges; 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 restructuring charges; 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 and restructuring charges; 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 and restructuring charges; 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 treated as if never converted for the purposes of Adjusted Net Income Per Share.

Same station is computed by comparing the performance of stations operated by the Company throughout the relevant period to the comparable performance in the prior year’s corresponding period (excluding non-cash compensation expense).

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 and gain/loss on early extinguishment of debt. 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 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 124 highly rated stations in 27 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 and Bruno Mars Invite Lucky Fan to the 2016 Victoria’s Secret Fashion Show in Paris

NEW YORK – NOVEMBER 1, 2016 – Entercom and Bruno Mars are teaming up to give one lucky fan and a guest a chance to see Bruno Mars perform at the Victoria’s Secret Fashion Show in Paris before it airs Monday, December 5th (10:00 – 11:00 p.m., ET/PT) on the CBS Television Network. The exclusive partnership and content kicks off on Tuesday, November 1st, when fans may tune into their local Entercom station and listen for the Bruno Mars “24K Magic” code word for a chance to win a trip to Paris and tickets to the fashion show.

Entercom radio stations in 22 cities across the U.S. will play the “24K Magic” code word at 7 a.m., 11 a.m., 2 p.m. and 5 p.m. local time.  Fans who enter the secret code on their station’s website within 15 minutes will be entered for a chance to win.  The contest ends on Tuesday, November 15th, and the lucky winner will be announced on Wednesday, November 16th.  The prize includes round trip airfare to Paris, France, hotel accommodations for two nights and passes to the 2016 Victoria’s Secret Fashion Show for the winner and a guest.  Additionally, the prize includes a $5,000 gift card from Victoria’s Secret.

The 2016 Victoria’s Secret Fashion Show will take place on November 30th in Paris and will air Monday, December 5th (10:00 – 11:00 p.m. ET/PT) on the CBS Television Network.

For more information and a list of participating Entercom station, visit Entercom.com/BrunoMars.

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

 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 124 highly rated stations in 27 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 Matt Hanlon as Vice President, Market Manager for Entercom Charlotte

PHILADELPHIA, PA – NOVEMBER 1, 2016 – Entercom today announced the appointment of Matt Hanlon as vice president and market manager for newly formed Entercom Charlotte.  Hanlon has over 20 years of experience in marketing and sales operations with a background in the media and broadcasting industry.

Previously, Hanlon served as president of Citadel Broadcasting, managing the Midwest region of 85 radio stations across 14 markets. At Citadel, he launched a sports network and a news network creating new revenue in Michigan and maximized both ratings and sales across local, regional, national and non-spot. Hanlon began his career in broadcasting as a media buyer for Backer & Spielvogel, vice president of stations at Katz Media Group and vice president, director of sales at AMFM.

“We are super excited to welcome Matt to Entercom and to the Charlotte team,” said Weezie Kramer, chief operating officer, Entercom. “Matt has terrific experience in news, talk, sports, syndication, working with big personalities and making a difference in the community, all of which make him a great fit for Charlotte and these iconic brands.”

Entercom recently announced the acquisition of four radio stations in Charlotte, North Carolina, including The Fan (WFNZ-AM), The Link (WLNK-FM) and news/talk leader WBT AM/FM.

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

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 124 highly rated stations in 27 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 Agrees To Acquire Four Radio Stations In Charlotte, NC From Beasley Broadcast Group

PHILADELPHIA, PA – OCTOBER 17, 2016 — Entercom Communications Corp. (NYSE: ETM) today announced an agreement to acquire four radio stations in Charlotte, NC from Beasley Broadcast Group, Inc. (Nasdaq: BBGI) for $24 million in cash. Beasley is selling the stations to comply with FCC ownership limitations related to its previously announced acquisition of Greater Media, Inc.

The acquisition provides Entercom with a new position in the attractive Charlotte market while strengthening the Company’s existing Carolina presence alongside its Greensboro, NC and Greenville, SC clusters. The transaction adds strong local brands The Fan (WFNZ-AM), The Link (WLNK-FM) and news/talk leader WBT AM/FM to Entercom’s station group. The cluster is the radio broadcast home of the Carolina Panthers and the Charlotte Hornets.

Entercom President and CEO David J. Field stated: “We are excited about the opportunity to enter the rapidly growing Charlotte market and acquire these very strong brands. We look forward to expanding the Entercom team and working hard to serve our new listeners and customers and the Charlotte community.”

The Company expects to begin operating WLNK-FM and WBT AM/FM under a time brokerage agreement (“TBA”) starting November 1 and will begin operating WFNZ-AM under a TBA on January 1, 2017 if the acquisition has not already closed. The transaction is expected to close in either late fourth quarter or early in the first quarter of 2017.

CONTACT:
Steve Fisher
610.660.5647
sfisher@entercom.com
@Entercom

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 124 highly rated stations in 27 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).

Golden State Warriors & 95.7 The Game Announce New Flagship Radio Partnership

95.7 The Game To Serve As New Home For Warriors Game Broadcasts And Provide Increased Programming

PHILADELPHIA, PA – AUGUST 25, 2016 – The Golden State Warriors and Entercom’s 95.7 The Game (KGMZ-FM) have entered into a multi-year agreement to make the San Francisco-based all-sports station the new radio flagship of the Bay Area’s NBA team, it was announced today.

“We’re excited about our new partnership with 95.7 The Game and the opportunity to provide our fans with increased coverage of the Warriors in a centralized location,” said Warriors President & COO Rick Welts.  “Under the terms of this partnership, virtually every Warriors game – including the playoffs – will be broadcast on 95.7.  Additionally, our fans will benefit from increased programming overall throughout the year, including extended pre and post-game shows, more in-season programming, a dedicated off-season presence and numerous call-in shows featuring front office staff, players and broadcasters.  We look forward to working in conjunction with an extremely talented group of individuals at 95.7 The Game and its parent company, Entercom, as we continue our journey through one of the most exciting times in the history of our franchise.”

Plans for 95.7 The Game’s expanded Warriors programming include an additional 60 minutes of coverage to each of the existing 30-minute pre and post-game programs, heightened in-season daily Warriors coverage featuring both Warriors and NBA-themed shows, Warriors Wednesdays and off-season programming centered around the draft, free agency, summer league and the continuation of selected in-season call-in shows.  95.7 The Game will continue to employ a dedicated Warriors reporter who will cover both home and road games and practices throughout the season. Radio play-by-play announcer Tim Roye will return for his 22nd season calling Warriors basketball, and will also appear regularly on 95.7 The Game programs on Monday, Wednesday and Friday during the season and on selected off-season dates.

By moving to 95.7, the Warriors join approximately one dozen NBA teams that are currently carrying their games on the clarity of the FM dial, as well as a fast-growing roster of professional sports teams that partner with Entercom stations to deliver best-in-class sports content, including the Boston Red Sox, New England Patriots, Miami Heat and Kansas City Royals.  Additionally, as part of this agreement, in-market network affiliates have been established with KRTY (San Jose) and KUIC (Vacaville), stations that reside next to 95.7 on the dial (95.3).

“We are truly excited about this new relationship with the Golden State Warriors,” said David Field, President and CEO of Entercom.  “It is a privilege to partner with such an extraordinary organization. We look forward to bringing our listeners exclusive, unparalleled coverage of the team both on and off the court.”

“We know that our fans turn to us for the best-in-class sports content from the teams and leagues they care about the most,” said Steve DiNardo, Vice President and General Manager of Entercom’s 95.7 The Game. “The Warriors are one of the most popular basketball teams in the world and we are proud to deliver play-by-play broadcasts and 24/7 team coverage to local fans in the Bay Area and to be the official home of Warriors basketball.”

Prior to partnering with 95.7 The Game, the Warriors flagship station for each of the last 32 seasons, and for 40 seasons overall since the team moved to the West Coast in 1962, had been KNBR 680 AM.

“We’d also like to thank KNBR and the management at Cumulus for being a valued and trusted partner for nearly four decades,” said Welts.  “KNBR has been a staple of the Bay Area airwaves for many years and we’ve been extremely fortunate to enjoy such a terrific long-standing relationship.”

Last season the Golden State Warriors won an NBA-record 73 regular-season games en route to making a second-straight appearance in the NBA Finals. For more information on the Golden State Warriors 2016-17 season, presented by Kaiser Permanente, visit warriors.com.

Contact:

Esther-Mireya Tejeda

610.822.0861

Esther-Mireya.Tejeda@entercom.com

@Entercom

 

Golden State Warriors

Raymond Ridder

510.986.5384

Dan Martinez

510.986.2213

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 124 highly rated stations in 27 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).

 

Radio Veteran Miranda Wilson Joins Entercom Station KBLX-FM 102.9 In San Francisco

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San Francisco, CAAUGUST 19, 2016 — Legendary Bay Area personality Miranda Wilson joins KBLX-FM 102.9 in San Francisco to host the “Sunday Morning Inspiration” show on Sundays from 9 a.m. to 1 p.m. PST beginning Sunday, August 21st. In addition to her Sunday show, Miranda will play a large role in KBLX community affairs.

“Miranda Wilson is a seasoned professional in our industry,” said Elroy Smith, Operations Manager, Entercom San Francisco. “Her addition to our team continues the KBLX tradition of powerful personalities and inspirational radio and delivers on our commitment to have the best and most relevant content that we know our listeners want.”

Miranda’s 22 year radio career includes 18 years in the Bay Area as midday host at KKSF-FM 103.7. Wilson is also a two time winner of the Golden Gate Chapter of American Women in Radio and Television Award as Best Midday Host.

“I’m ecstatic to be back on the radio, at home in the Bay Area and on the legendary KBLX,” said Wilson. “Entercom has created a unique opportunity for me to reach a wide range of listeners who crave inspirational music and the response is already overwhelmingly positive.”

CONTACT:

Esther-Mireya Tejeda

610.822.0861

Esther-Mireya.Tejeda@entercom.com

@Entercom

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 124 highly rated stations in 27 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 Station WAXY AM 790 The Ticket Welcomes Dj Williams As On-Air Host

MIAMI – AUGUST 16, 2016 – Entercom Miami station WAXY AM 790 The Ticket today announced the addition of University of Miami football and NFL star DJ Williams to its roster of on-air hosts. Williams will join the all-star cast of former NFL and college football players including University of Miami Sports Hall of Famer and former NFL star Brett Romberg and University of Michigan and former NFL player Leroy Hoard who already provide engaging football commentary to sports fans on Miami’s leading sports talk radio station. Williams will join The Ticket as of Wednesday, August 17th during the mid-day show with Beast and Leroy at 1pm ET.

“We are excited to welcome DJ Williams to the 790 The Ticket family,” said Douglas Abernethy, Regional Vice President and General Manager, Entercom Miami. “Our station is the radio destination of choice for South Florida sports fans.  The addition of a local football star like DJ Williams is one of the many ways that we connect with our fans to give them the most relevant and interesting sports content that they are looking for.”

DJ Williams is a University of Miami Sports Hall of Famer and a former NFL football player with both the Denver Broncos and the Chicago Bears.  He will be heard on The Ticket Mondays from 4 to 7pm ET alongside Ethan Skolnick and Chris Wittyngham, Tuesdays from 7 to 8am ET with Zaslow, Romberg and Amber, Wednesdays from 1 to 3pm ET with Beast and Leroy and Sundays from 10am to 1pm ET on The Ticket’s “Aqua and Orange Pre-Game Show.”

CONTACT:

Esther-Mireya Tejeda

610.822.0861

Esther-Mireya.Tejeda@entercom.com

@Entercom

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 124 highly rated stations in 27 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 Grants $1 Million In Nationwide Airtime For Environmental Defense Fund PSA Campaign Featuring Don Cheadle

PHILADELPHIA – AUGUST 15, 2016 – Entercom Communications (NYSE: ETM) – Entercom is launching a nationwide public service announcement (PSA) campaign on behalf of the Environmental Defense Fund (EDF), for which the company is donating $1 million worth of free airtime. The PSA will feature Academy Award-nominated actor Don Cheadle discussing the importance of stabilizing the global climate for our children and grandchildren. The PSAs will run across 124 of Entercom’s stations in 27 top markets in the country beginning in August.

“I’m happy to help introduce more people to the great work of EDF,” said Cheadle, a film and television star and climate activist who donated his time to the project. “We’re in the fight of our lives against climate change and EDF has been a real leader in that struggle. So I hope this helps.”

The campaign is part of a larger Entercom initiative, 1THING, committed to promoting good environmental practices both externally among listeners and business partners and internally among employees.

“Entercom is deeply committed to reducing our environmental footprint and working to be a good corporate citizen to help ensure a sustainable planet for our children and grandchildren,” said David Field, President and CEO, Entercom Communications Corp.  “We are proud to partner with the Environmental Defense Fund and help support their mission of solving the most critical environmental problems facing our planet.”

“I am grateful to David Field and Entercom for this generous donation that will help build our impact and bring our work to the attention of so many Americans,” said EDF President Fred Krupp. “And I’m grateful to Don Cheadle for the incredible gift of his time and talent. Without this kind of powerful support, we would not be able to do what we do.”

Entercom has previously partnered on PSA campaigns for Conservation International (CI), featuring Harrison Ford; 350.org, featuring Ellen Page; and most recently the Wilderness Society, featuring Dave Matthews, Betty White and Wendie Malick.

 Founded in 1967, EDF builds lasting solutions to the world’s biggest environmental problems, finding the ways that work so people and nature can prosper. Learn more at http://www.edf.org.

CONTACT:

Esther-Mireya Tejeda

610.822.0861

Esther-Mireya.Tejeda@entercom.com

@Entercom

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 124 highly rated stations in 27 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).

 

790 The Ticket And Miami Heat Extend Broadcast Partnership

HEAT Games and Programming Will Continue to be Broadcast Exclusively on Entercom’s 790 The Ticket Through 2021

 MIAMI, FL. – Entercom Communications (NYSE: ETM) announced today that 790 The Ticket has renewed and extended its partnership with the Miami HEAT, the three-time NBA Champions, in a five-year agreement through 2021. Miami HEAT games and related programming have been on 790 The Ticket since the 2010-11 season, and will remain on the station into the next decade.

“We look forward to continuing our partnership with Miami HEAT and giving our listeners exclusive game-day programming, unique insights and access to the team they know and love,” says Doug Abernethy, Entercom Miami’s Vice President and General Manager. “This partnership exemplifies our dedication to providing world class coverage of Miami sports.”

The HEAT announcers Mike Inglis and John Crotty will continue to call the games for 790 The Ticket listeners. Tommy Tighe will provide the pre-game, halftime and post-game reporting. Jonathan Zaslow, host of the popular Ticket morning show, will continue as host of The Ticket pre-game and post-game show.

The Ticket will also continue its exclusive specialty programming during the HEAT’s season. “15 Minutes of HEAT,” a snapshot of the daily HEAT news, will be heard at 6:20 am, 8:20 am, 2:20 pm and 5:20 pm, Monday to Friday. “Dos Minutos,” a two-minute recap on past and current HEAT games will be hosted by Jonathan Zaslow at 2:55 pm on weekdays. “HEAT Weekly” will remain in its usual spot and will be hosted by Tommy Tighe at 10 am on Saturday mornings beginning in October.

“790 The Ticket has been the home of some of the most exciting and memorable moments in HEAT history,” said Eric Woolworth, President of HEAT group Business Operations. “This new agreement will ensure that HEAT fans will continue to tune their dial to 790 The Ticket to get all of the news, information and exciting live game action surrounding their Miami HEAT.”

“The HEAT is one of the most electrifying teams in the NBA, and we are thrilled that their fans will continue to be able to hear their games on The Ticket,” says David Field, Entercom’s President and CEO. “This further showcases our robust sports programming across the country and demonstrates our commitment to providing the best and the most exclusive content for our listeners.”

The first HEAT game broadcast of the 2016-17 season will be broadcast during pre-season in October.

 

About Entercom

 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 124 highly rated stations in 27 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).

David Field’s Midyear Letter to the Entercom Team

I am writing to provide you with my midyear update on Entercom and share my thoughts on how we are doing and where we are headed.  I am pleased to report that we had a great first half of 2016, achieving strong sales and financial growth and making significant progress in a number of areas to enhance our future.

Our steadfast focus on our core strategies and values is paying off.  We have never strayed from our fundamental belief that the key to success in this business is building great local radio brands, personalities and content; making Entercom a great place to work; adding powerful local marketing solutions for customers; and making a difference in our communities.  And the many millions of dollars we are investing in new people, brands, content, technology, capabilities, benefits and resources are paying off and enhancing our performance.

Allow me to share with you some of the highlights of our recent achievements:

  • Our stations are strong and growing.  Over the past couple years, our ratings are up double-digits, ranking #1 among all leading radio broadcasters.
  • Our revenues are strong and growing.  Not only have we been consistently #1 or #2 among all leading broadcasters over the past year, but we are also growing faster than many large growth companies, including Apple, Fed Ex, Verizon, Cisco, Ebay, Ralph Lauren, American Express, and many more.
  • We are financially strong and our stock is now at a six-year high, significantly outperforming the stock market over the past few years, a direct reflection of our solid performance and our increasingly bright prospects.   And as a reflection of our confidence in our future and our financial strength, we launched a dividend on our stock in June.
  • In recent months, we have added the Los Angeles Rams and San Diego Padres and some great local shows to our programming lineup.  We also expanded SmartReach Digital into several new markets.
  • We are rolling out a number of new world class tools to all of our markets, including SalesForce, a new video-based sales training system, and a number of enhancements to our digital platforms.
  • Our investment in programming innovation has led to exclusive Entercom programs with a number of world class artists, including Chris Martin, Justin Timberlake and the Red Hot Chili Peppers, with a number of other content innovation projects in the pipeline.
  • And our recent investment in an Entercom marketing team led by our first Chief Marketing Officer will make us a significantly stronger organization in the months and years to come.

While all of this should make us proud and excited about our future, we should also be proud of all the great things we are doing to make a difference for our listeners, our customers, our communities and for the people on the Entercom team.

  • Entercom stations continue to make a huge impact on the lives of our listeners and our communities in ways large and small.  Earlier this month, Johnny Dare and the team at the Rock in Kansas City raised life-saving funds for an elderly man in dire need of help.  That is just one example of the many extraordinary acts we perform throughout the year to make this world a better place.
  • Collectively, we generate well over $100 million per year in support for wonderful organizations and needy individuals across the country.  And we continue to reduce our environmental footprint, working to be a good corporate citizen to help ensure a sustainable planet for our children and grandchildren.
  • And close to 200 members of our team have already signed up for our new Entercom Stock Purchase Plan which will enable participants to buy our stock at roughly $2 below its market value.   And well over 100 of the recent graduates on our team have signed up for our Student Loan Payment Assistance Plan.

And the news on Radio remains excellent.  As we all know, last year Nielsen declared Radio to be the #1 Reach Medium in the country, surpassing TV over the past year as millennials (and others) are cutting the TV cord in record numbers.   And while competitive media are suffering severe disruption from declining usage, DVR’s, digital fraud and blocking technologies, etc., Radio stands tall as the least disrupted and highest ROI medium in the nation.

Radio is winning because we establish powerful personal connections with our listeners, providing top notch entertainment, information, engagement, and companionship to the massive 93% of the population that listens weekly.  As Sir Richard Branson explains, “People want personality, local insight, and a feeling of connection – all qualities great DJ’s on radio stations can share, and streaming sites can’t duplicate”.

We should all feel very good about our recent performance.   But as we take pride in our accomplishments and progress, we also recognize that in this hypercompetitive world of constant change, any organization that isn’t getting better every day will ultimately fall behind and fail.  What was good enough to win yesterday, won’t be good enough tomorrow.  As a company, we are making huge investments in people, content, capabilities, and other important areas to ensure that we grow, thrive and succeed in the years ahead.  And as individuals, each of us must also commit ourselves to advancing our knowledge, skills, and capabilities in order to keep pace or risk falling behind.  We should all heed the words of the late, great Vince Lombardi who said, “We will chase perfection, and we will chase it relentlessly, knowing all the while we can never attain it.  But along the way, we shall catch excellence.”

My deepest thanks and appreciation to each of you for all of your contributions to our collective success during the first half of 2016.  I am grateful to be able to serve you and lead this special organization of terrific people that is positioned for great things in the years ahead.

With all best wishes,

David