Entercom Buys One Philly Station, Sells Another

WBEB will now be in Entercom hands, and WXTU goes back to Beasley

Entercom Communications has agreed to acquire Philadelphia station WBEB(FM) from Jerry Lee Radio LLC for $57.5 million in cash. In order to comply with FCC regulations, Entercom will also sell WXTU(FM) to Beasley Broadcast Group for $38 million in cash.

Entercom currently operates five other stations in Philadelphia: WOGL(FM), KYW(AM), WIP(FM),WPHT(AM) and WTDY(FM).

[Read: Entercom Takes Equity Stake in Traffic Provider]

Beasley’s existing presence in the Philly market consists of WMFK(FM), WTEL(AM), WMMR(FM), WBEN(FM), WPEN(FM) and WWDB(AM).

Beasley will begin operating the station under a local marketing agreement on July 23, the broadcasters say, and the deal is projected to close in Q3 of this year, pending FCC approval. The broadcasters say Beasley intends to fund the acquisition through borrowings under its credit facility and cash generated from operations.

According to the announcement, Entercom was advised on the transaction by MVP Capital LLC, and Methuselah Advisors acted as advisor to WBEB(FM).

Beasley CEO Caroline Beasley noted that her company originally launched WXTU(FM)’s country format in 1983 and operated it until the 2014 exchange agreement with CBS Radio.

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