Entercom to Acquire Four Charlotte Signals from Beasley for $24 Million. In order to stay under the FCC ownership cap in the Charlotte market, Beasley Broadcast Group has to sell some of its holdings that would put if over the cap after the previously announced Greater Media acquisition deal closes. Now, Beasley announces that Entercom will acquire news/talk WBT-AM/FM, hot AC WLNK-FM (all three currently owned by Greater Media) plus sports talk WFNZ-AM and its accompanying FM translator. The company says that Entercom will begin operating WBT-AM/FM and WLNK-FM upon the closing of the Greater Media deal, pursuant to a time brokerage agreement. Back on July 19, Beasley and Greater Media entered into a definitive merger agreement whereby Beasley will acquire all of the outstanding stock of Greater Media for an aggregate consideration of approximately $240 million, subject to adjustments.
Entercom to Refinance Debt. The Bala Cynwyd, Pennsylvania-based broadcaster announces it is meeting with Bank of America Merrill Lynch, Morgan Stanley Senior Funding, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC today to discuss a refinancing of its senior and senior unsecured debt. In a press statement, Entercom Communications says it expects to enter into a $520 million senior secured credit facility that will include a $60 million revolving credit facility with a five-year maturity, plus a $460 million term loan with a seven-year maturity. Entercom will use the term loan to refinance $225 million in existing senior secured bank debt, plus it will buy back $220 million in 10.5% senior subordinated notes.
CBS News Icon Charles Osgood Is the Subject of this Week's Harrison Podcast. Legendary CBS News radio and television giant Charles Osgood is the guest on this week's installment of the award-winning PodcastOne hit series, "Up Close and Far Out with Michael Harrison," posted today (10/18). Osgood has been hosting (and continues to host) the four-times-per-weekday morning feature "The Osgood Files" on radio stations across the nation since 1971. He also retired several weeks ago from a 24-year stint as the anchor of television's CBS News "Sunday Morning" program. Harrison and Osgood talk about changes in media and journalism over the years culminating with a provocative analysis of the current presidential election. To listen to the podcast in its entirety please click here or click on the "Up Close and Far Out" player box located in the right-hand column on every page of Talkers.com and RadioInfo.com.