Updated: NOVEMBER 17, 2017 — 11:03 AM EST
by Joanne McLaughlin, STAFF WRITER
CBS Corp. announced Friday completion of the split-off of its troubled CBS Radio Inc. unit and its merger with a subsidiary of Bala Cynwyd-based Entercom Communications Inc. The merger makes Entercom the nation’s No. 2 radio operator.
As a result of the merger, participating CBS stockholders will receive one share of Entercom Class A common stock in exchange for each whole share of CBS Radio common stock they received in the exchange offer, CBS said in a statement. The transactions will enable CBS to retire about 17.9 million shares of CBS Class B common stock.
“The separation of our radio business is part of a broader strategy to make CBS even more focused on our content and all the ways we can monetize it,” Leslie Moonves, CBS Corp. chairman and CEO, said in the statement. “We started on this path several years ago with the split-off of our outdoor advertising business. And just as we did with outdoor, we believe our radio transaction will allow us to unlock more value for our shareholders and further grow our revenue.
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