Entercom To Buy Four Radio Stations In Charlotte From Beasley For $24 Mln

(RTTNews) - Entercom Communications Corp. (ETM) said that it agreed to acquire four radio stations in Charlotte, NC from Beasley Broadcast Group Inc. (BBGI) for $24 million in cash. Beasley is selling the stations to comply with FCC ownership limitations related to its previously announced acquisition of Greater Media Inc.

The transaction adds strong local brands The Fan (WFNZ-AM), The Link (WLNK-FM) and news/talk leader WBT AM/FM to Entercom's station group. The cluster is the radio broadcast home of the Carolina Panthers and the Charlotte Hornets.

The company expects to being operating WLNK-FM and WBT AM/FM under a time brokerage agreement starting November 1 and will begin operating WFNZ-AM under a TBA on January 1, 2017 if the acquisition has not already closed. The transaction is expected to close in either late fourth quarter or early in the first quarter of 2017.