iHeartMedia and Entercom Communications have announced a new deal involving 17 stations across four U.S. markets. Under the agreement, iHeartMedia will acquire seven radio stations from Entercom in Boston and Seattle. Entercom will acquire 10 stations from iHeartMedia in Richmond and Chattanooga The agreement is expected to close in the first quarter of 2018.
Under the agreement, News/Talk WRKO-AM, Classic Rock WZLX, Urban AC WKAF and News WBZ-AM in Boston and Classic Rock KZOK, Adult Hits KJAQ and Sports KFNQ-AM in Seattle will join iHeartMedia.
Entercom will acquire News/Talk WRVA-AM, Modern Rock WRXL, AC WTVR, Urban WBTJ, Sports WRNL-AM and CHR WRVQ in Richmond and WKXJ, Adult Hits WLND, Rock WRXR and Country WUSY in Chattanooga. The deal is part of Entercom’s broader divestiture and acquisition package to facilitate the company’s pending merger with CBS Radio.
“We’re excited to add these stations to iHeartMedia across broadcast, digital, mobile, social and our spectrum of iHeartRadio-branded live events,” said Bob Pittman, Chairman/CEO of iHeartMedia. “This exchange is an opportunity for us to expand our presence and further strengthen our position in two markets – Seattle and Boston – even though we have to give up two smaller markets that have been an important part of this company. This was a difficult decision for us, but we think we arrived at the best decision for our company, and we are pleased that we’ll continue to have a presence in the Richmond and Chattanooga markets through the iHeartRadio platform, Premiere Networks, the Total Traffic and Weather Network and the Virginia News Network.”
He added, “These markets are two of the few where we did not have a full complement of stations; now we will have a full complement in Boston and a full complement of FM stations in Seattle.”
