Entercom announced this morning that it has reached an agreement to acquire 101.1 MORE FM (WBEB-FM) from Jerry Lee Radio in Philadelphia for $57.5 million in cash. The company also announced that it has entered into an agreement to divest 92.5 XTU (WXTU-FM) in Philadelphia, to Beasley Broadcast Group, for $38.0 million in cash.
Entercom CEO David Field said, “We are very pleased to add the legendary WBEB, one of the country’s most recognized and awarded stations, to our group. It is a terrific addition to our lineup that will enhance our ability to serve our listeners, customers and the community. I tip my cap to Jerry Lee, one of the industry pioneers and a visionary leader who built B101 into such a special station and has done so much for radio over the decades. We are saddened to say goodbye to our colleagues at WXTU, but know that they will be in great hands.”
A Local Marketing Agreement for WXTU will begin Monday, July 23. The transactions are expected to close by the end of the third quarter of 2018.