Entercom Signs Definitive Agreement to Acquire Two Radio Stations in Portland, Oregon and Completes Acquisition of KWOD-FM in Sacramento, CA.Business Editors BALA CYNWYD, Pa.--(BUSINESS WIRE)--May 29, 2003 Entercom Communications Corp. (NYSE NYSE See: New York Stock Exchange :ETM (database) ETM - An active DBMS from the University of Karlsruhe. ) today announced the signing of a definitive agreement to acquire radio stations KWJJ-FM and KOTK-AM in Portland, Oregon from Fisher Communications, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FSCI FSCI Functionally Specified, Complex Information (intelligent design) FSCI Fiber Switching Capable Interface ) for $44 million. Entercom will assume sales and programming responsibilities for the two stations effective June 1, 2003 as part of a time brokerage agreement. This acquisition adds strong Country and Talk stations to Entercom's existing roster of leading brands in the Portland market. Closing on this transaction is expected in the third quarter of 2003. In addition to this transaction, on May 20, 2003, Entercom completed its previously announced acquisition of radio station KWOD-FM in Sacramento, California from Royce International Broadcasting Corporation, increasing Entercom's market presence to six stations. David Field, Entercom's President and Chief Executive Officer stated: "We are pleased to enhance our strong Portland station group with this acquisition that positions Entercom as the leading radio operator in the market. In Sacramento, we are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to have prevailed in the legal process that affirmed our rights to acquire KWOD-FM under a 1996 agreement. We look forward to the opportunity to operate these stations and to enhance our service to our listeners, advertisers and communities in both markets." Entercom is one of the nation's five largest radio broadcasters, operating in Boston, Seattle, Denver, Portland, Sacramento, Kansas City, Milwaukee, Norfolk, New Orleans, Memphis, Buffalo, Greensboro, Rochester, Greenville/Spartanburg, Wilkes-Barre/Scranton, Wichita, Madison, Gainesville/Ocala and Longview/Kelso, WA. This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Additional information and key risks are described in the Company's filings on forms 8-K, 10-Q and 10-K with the U.S. Securities and Exchange Commission. Readers should note that these statements may be impacted by several factors including changes in the economic and regulatory climate regulatory climate The extent to which a regulated firm or industry is permitted to earn an adequate return on the stockholders' investment. This term is nearly always used in reference to utilities, which are required to obtain approval for rate changes. and the business of radio broadcasting. |
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