Entercom Closes On A Queen City Quartet
Entercom Communications has closed on its $24 million purchase of four radio stations in Charlotte — a deal made possible by Beasley Broadcast Group‘s merger acquisition of Greater Media.
In October, Beasley sold the stations — WLNK-FM and WBT-AM & FM, together with its WFNZ-AM and an FM translator — in order to comply with FCC ownership rules limiting the number of stations it could own in Charlotte.
This equates to six-times cash flow, according to SNL Kagan data released last week.
In the absence of any other large deals, this was the second-largest deal of the year. The Beasley-Greater Media merger was the top deal of 2016. This means Beasley became not only the year’s top buyer but also the top seller by deal volume.
Beasley placed WLNK-FM and WBT-AM & FM into a trust to comply with FCC ownership limits in Charlotte, following its merger with Greater Media.
Michael J. Bergner of Bergner & Co. was the exclusive broker in the transaction, representing Beasley.