CBS Radio, Entercom To Merge: CBS Radio and Entercom will combine in a tax-free merger to create the second-largest U.S. radio station owner. The "Reverse Morris Trust" transaction will allow CBS Corporation shareholders to exchange some, all or none of their CBS shares for CBS Radio shares, which will be exchanged for Entercom shares. CBS Radio shareholders will ultimately receive 72% of outstanding shares of the combined company. The deal is subject to the approval of Entercom shareholders, as well as regulatory approvals and is expected to close in the second half of this year.

The new company, known as Entercom, will be headquartered in Philadelphia and have a "significant ongoing presence" in New York. The board will be comprised of five current Entercom directors and four nominated by CBS Radio. The combined company will operate 244 stations, including stations in 23 of the top 25 markets. Read the full release here.