Entercom and CBS Corp merging radio stations

In addition to Entercom's WEEI sports radio and CBS's 98.5 The Sports Hub, other Boston stations in the deal include CBS's news AM powerhouse WBZ, Mix 104.1 FM, and WZLX 100.7 FM.

The final pricetag on the deal for CBS is unclear, but the Eye intends to use the proceeds to buy back CBS Corp. shares.

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If given the OK, the new entity would become the second-largest radio station owner in the US, based on combined revenue in 2016. Entercom Chief Executive David Field will lead the combined company.

CBS and Entercom say that their combined radio business will own 244 stations across the United States, and will be the country's second biggest radio broadcaster by revenue. They will operate under the Entercom name, with a corporate headquarters in Philadelphia.

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The tax-free merger was made possible through the Reverse Morris Trust transaction, where a parent company merges into a spin-off group. After completion of the merger, CBS Radio shareholders will receive approximately 105 million Entercom shares, or 72% of all outstanding shares of the combined company on a fully diluted basis.

The deal is expected to be completed in the second half of this year and expected to be tax-free for New York-based CBS and its shareholders. According to CBS, the deal is created to be tax-free to CBS shareholders through a complex process known as a reverse Morris trust, which begins with an offer to existing CBS Corp. shareholders to exchange their stock for shares in the enlarged Entercom.

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