Audacy, Inc. is a publicly traded Americanbroadcasting company and radio network based in Philadelphia, Pennsylvania. Founded in 1968, it is the second largest radio company in the United States, owning 235 radio stations across 48 media markets.[3]
In November 2017, Audacy (at the time Entercom) merged with CBS Radio. The transaction was structured as an exchange offer whereby owners of CBS Corporation common shares (i.e., not the multiple-voting shares held by National Amusements) at the time of the merger could elect to exchange their shares for Entercom shares corresponding to a 72% stake in the combined company.[4][5] It is not clear how many CBS shareholders retained these Audacy shares, and the present-day ViacomCBS has never held any ownership in the company.
History
Final logo used under Entercom brand
Joseph M. Field founded the company as Entertainment Communications (which would later be shortened to Entercom) on October 21, 1968, on the conviction that FM broadcasting, then in its infancy, would eventually surpass AM broadcasting as the leading radio broadcast band.[6]
During the 1990s, the Federal Communications Commission's regulations on the ownership of multiple radio stations were eased, beginning with the introduction of duopoly rules, which allowed a company to own two stations in each radio market. Entercom took advantage of the change to expand its presence in the markets where it already operated. In April 1995, the company paid $24.5 million for three stations in Portland, Oregon, acquiring KGON, a classic rock station; KFXX, an all-sports station; and KMUZ-FM, a modern rock station.[6][7]
In January 1999, Entercom went public in an IPO in which it raised around $236 million.[6] In July 1999, the company purchased 43 radio stations from Sinclair Broadcast Group for $821.5 million in cash.[8] It was Entercom's largest deal to date.[9] The deal included stations in eight markets, Kansas City, MO.; Milwaukee WI; New Orleans, LA; Memphis, Tennessee.; Buffalo, NY.; Norfolk, VA; and Scranton/Wilkes-Barre, PA. The deal more than doubled both the number of stations under the company's control, and the number of markets in which it had stations. The acquisition made Entercom the fifth-largest radio broadcaster in the United States, with 88 stations in 17 markets.[9][10] That year, Entercom announced that it would direct its radio stations not to play songs that promoted violence.[11][12]
On August 21, 2006, Entercom agreed to buy 15 mid-market stations from CBS Radio. Locations included Austin, TX; Cincinnati, OH; Memphis, TN; and Rochester, NY.[13] Due to ownership limitations set by the FCC, Entercom had to sell three of its stations in the Rochester market; these were acquired by Stephens Media Group.[14] Shortly after the transaction, the company exited the Cincinnati market by trading all four of its stations in Cincinnati and three of its stations in Seattle in exchange for three stations in San Francisco in a deal with Bonneville Broadcasting.[15] A year later, Entercom was investigated for payola and fined $4.45 million by the FCC.[10][16][17][18]
In 2007, Entercom station KDND was sued after a participant in a "Hold Your Wee For a Wii" contest held by the station's morning show died of water intoxication.[19]
In May 2014, Entercom announced its launch of SmartReach Digital product line focused on creating digital marketing options for small and medium businesses.[20]
On December 8, 2014, Entercom announced its acquisition of Lincoln Financial Media for $105 million; the deal gave the company 14 additional stations in Atlanta, GA; Denver, CO; Miami, FL; and San Diego, CA. To comply with FCC ownership limits in the Denver market and DOJ antitrust concerns, Entercom entered into an exchange agreement with Bonneville under which Entercom exchanged four stations in Denver for Classic Rock station KSWD in Los Angeles and $5 million in additional consideration. The stations Entercom exchanged with Bonneville were KOSI-FM, KYGO-FM, KKFN-FM and KEPN-AM. Entercom previously owned KOSI-FM, while the remaining stations were acquired through the acquisition of LFM.
Entercom and Bonneville began operating the exchanged stations under time brokerage agreement (TBAs) once the LFM transaction was completed.[21][22] In November 2015, the swap deal was closed successfully.[23]
Early in 2020, Entercom opened an HD Radio Sound Space in Los Angeles as an event space and home for future live events. The space was opened with a live performance from Coldplay. [27]
On March 9, 2021, Entercom acquired podcast ad network Podcorn in a deal valued at $22.5 million. [28]
On March 30, 2021, after more than 50 years as Entercom, the company rebranded as Audacy to better position itself as a scaled multi-platform audio content and entertainment company. The RADIO.COM name was also rebranded as the Audacy app. [29] On the same day, Audacy and BetMGM agreed to a multi-year deal designating the sports betting and gaming platform as the preferred sports betting partner with Audacy. [30]
Merger with CBS Radio
On February 2, 2017, Entercom announced that it had agreed to merge with CBS Radio. The purchase will give Entercom operations in 23 of the top 25 markets, and make it the second-largest owner of radio stations in the US, behind iHeartMedia. Under the terms of the Reverse Morris Trust, the company would retain the Entercom name, board of directors and base of operations, but CBS shareholders would hold 72% of its stock.[31] The company also shut down KDND in Sacramento and returned its license to the FCC, with its programming moved to sister station KUDL. The FCC had designated that the renewal of KDND's license would be subject to a hearing over allegations it had failed to operate in the public interest.[19]
To comply with federal ownership caps, Entercom stated that it would divest at least 15 stations.[31] On November 1, 2017, Entercom announced a settlement with the Department of Justice, which allowed their merger with CBS Radio.[34] The company also announced a series of asset exchange agreements with iHeartMedia and Beasley Broadcast Group in Boston, Seattle, Richmond and Chattanooga; and local marketing agreements with Bonneville International Corporation in San Francisco and Sacramento.[35]
On November 9, 2017, the FCC gave the final approval needed for the Entercom merger by granting two 6-month waivers for market station limits in Miami and San Francisco.[37] The merger occurred at midnight on November 17, 2017.[38] Later that day, Entercom would switch WBMP/New York to alternative.[39] This would then be followed up by WJMK/Chicago's switch to classic hip-hop and KVIL/Dallas-Ft. Worth's flip to alternative.[40] The company also introduced a new corporate logo as well as other corporate strategy changes.[41] The Entercom Divestiture Trust then entered into agreements with Bonneville International to operate its stations on their behalf.[36]
On July 19, 2018, Entercom announced that it would acquire Philadelphia market-leader WBEB from Jerry Lee Radio for $57.5 million. WXTU was divested back to its previous owner, Beasley Broadcast Group, to comply with ownership limits.[45][46]
On August 3, 2018, Entercom announced that Bonneville would buy all eight stations for $141 million, which the company had been operating under LMA since after the merger with CBS Radio.[47] The deal was completed on September 21, 2018.
In addition to Entercom's radio stations, the company operates multiple brands, including Entercom's sustainability initiative, 1Thing, and its eCommerce platform, GetMyPerks. The company also provides a suite of digital marketing solutions for businesses through its SmartReach Digital product suite.[50][20]
Radio
On March 29, 2021, Entercom rebranded as Audacy. With this rebranding, all Entercom stations are identified at the top of each hour as “An Audacy station.”
Audacy is the country’s #1 creator of original premium audio content, reaching 170 million monthly listeners through over 230 radio stations in 47 markets nationwide. [51]
As part of the company's merger with CBS Radio, Entercom acquired Radio.com, Eventful and play.it.
On June 25, 2018, Entercom announced that Radio.com would become the exclusive streaming provider for all of its stations, beginning with its legacy stations on July 6, and former CBS Radio stations beginning August 1, ending its relationship with the third-party service TuneIn. All Entercom properties were also branded on-air as "A Radio.com station".[52]
Podcasting
In 2019, Entercom announced its acquisition of Pineapple Street Media, a podcast producer, and the remaining portion of Cadence13.[53] In 2021, Entercom acquired podcast ad network Podcorn, a deal valued at $22.5 million.[54]
CBS Radio was a radio broadcasting company and radio network operator owned by CBS Corporation and founded in 1928, with consolidated radio station groups owned by CBS and Westinghouse Broadcasting/Group W since the 1920s, and Infinity Broadcasting since the 1970s. The broadcasting company was sold to Entercom on November 17, 2017.
WTDY-FM is a commercial radio station in Philadelphia, Pennsylvania. The station is owned by Audacy, Inc. and broadcasts a contemporary hit radio format. WTDY's studios are co-located with located within Audacy's corporate headquarters in Center City, Philadelphia while its transmitter is located off Domino Lane in the Roxborough section of Philadelphia, a site where other local FM and TV towers are located.
Bonneville International Corporation is a media and broadcasting company, wholly owned by The Church of Jesus Christ of Latter-day Saints through its for-profit arm, Deseret Management Corporation. It began as a radio and TV network in the Triad Center Broadcast House in Salt Lake City, Utah. Bonneville's name alludes to Benjamin Bonneville and the prehistoric Lake Bonneville that once covered much of modern-day Utah, which was named after him.
KSFM is a commercial radio station that is licensed to Woodland, California and serves the Sacramento metropolitan area. The station is owned by Audacy, Inc. and broadcasts a rhythmic contemporary format. KSFM's studios and offices are located at 5345 Madison Avenue in Sacramento, and its transmitter is in Woodland.
WUBE-FM is a radio station broadcasting a country music radio format. Licensed to Cincinnati, Ohio, it is owned by Hubbard Broadcasting.
WXTU is a commercial FM radio station in Philadelphia. Owned by Beasley Broadcast Group, the station broadcasts a country music format. Its studios and offices are located at 1 Bala Plaza on East City Avenue in Bala Cynwyd, Pennsylvania, while its transmitter is located in the Roxborough section of the city.
Beasley Broadcast Group, Inc., based in Naples, Florida, is an owner/operator of radio stations in the United States. As of June 2017, the company owned 63 stations under the Beasley Media Group name.
KOIT is a commercial adult contemporary radio station licensed to San Francisco, California. The station has studios in the city's SoMa district, and transmits from Sutro Tower in San Francisco, with a power output of 24,000 watts effective radiated power. The signal can be received throughout the Bay Area with relative ease. There is also a booster station in Martinez, California called KOIT-3 that improves the coverage in the Diablo Valley area.
WPOW – branded Power 96 – is a commercial rhythmic CHR radio station licensed to Miami, Florida. Owned by Audacy, Inc., the station serves Miami-Dade County, the Miami-Fort Lauderdale metropolitan area, and much of surrounding South Florida. The WPOW studios are located in the Miami suburb of Miami Gardens, while the station transmitter resides in the Miami Gardens neighborhood of Andover. Besides a standard analog transmission, WPOW broadcasts over three HD Radio channels, and is available online via Audacy.
KBLX-FM is a commercail FM radio station licensed to Berkeley, California, and serving the San Francisco Bay Area. It is owned by Bonneville International, a subsidiary of the Church of Jesus Christ of Latter Day Saints. The radio studios and offices are in the SoMa district of San Francisco. The transmitter is atop the San Bruno Mountains.
KZZO is a commercial FM radio station licensed to Sacramento, California. It broadcasts an Adult Top 40 radio format and is owned by Bonneville International, a profit-making subsidiary of the Church of Jesus Christ of Latter-day Saints. KZZO's studios and offices are on Commerce Circle in Sacramento near the American River and the North Sacramento Freeway. KZZO is one of four stations operated by Bonneville in the Sacramento radio market, along with FM stations KNCI and KYMX plus AM station KHTK.
KHTK is a commercial AM radio station licensed to Sacramento, California. KHTK broadcasts a sports radio format as "KHTK Sports 1140" and is an affiliate of the CBS Sports Radio network. It is owned by Bonneville International, a profit-making subsidiary of the Church of Jesus Christ of Latter-day Saints. The studios and offices are on Commerce Circle in North Sacramento, just north of the American River.
KNCI is a commercial radio station in Sacramento, California, United States. The station is owned by Bonneville International. KNCI carries a country music format, alongside a classic country format known as The Ranch and a simulcast of sports talk KHTK on HD Radio subchannels.
KYMX is a commercial radio station that is licensed to Sacramento, California, United States. The station is owned by Bonneville International and broadcasts an adult contemporary format. KYMX's transmitter is located in Natomas and its studios are in North Sacramento.
WGGY is a commercial FM radio station licensed to serve Scranton, Pennsylvania. The station is owned by Audacy, Inc. and broadcasts a country music format.
WKIS is a commercial FM radio station licensed to Boca Raton, Florida, and serving South Florida, including the Miami-Fort Lauderdale radio market. It is owned by Audacy, Inc. and airs a country music radio format. The studios and offices are on NW 2nd Avenue in Miami. The transmitter tower is off NW 210 Street in Miami Gardens, shared with WTVJ.
KUFX is a classic rock radio station licensed to San Jose, California. Its studios are located in the SoMa district of San Francisco, and the transmitter is located on Blackberry Hill above Los Gatos.
KMVQ-FM is a radio station licensed to San Francisco, California. The station currently broadcasts a Top 40/CHR format branded as 99.7 Now. KMVQ's studios are located at 3rd and Howard in downtown San Francisco, while its transmitter is located on San Bruno Mountain.
WBZ-FM is a commercial sports radio station licensed to Boston, Massachusetts, serving Greater Boston and much of surrounding New England. Owned by the Beasley Broadcast Group, WBZ-FM is the Boston affiliate for Fox Sports Radio; the flagship station for: the New England Patriots, Boston Bruins, Boston Celtics, and New England Revolution radio networks; and the radio home of Fred Toettcher, Rich Shertenlieb, Scott Zolak, Mike Felger, Tony Massarotti, and Adam Jones. The WBZ-FM studios are located at the Morrissey Boulevard in Dorchester, while the station transmitter resides in the Boston suburb of Newton. In addition to a standard analog transmission, WBZ-FM broadcasts over two HD Radio channels, and is available online.
Audacy, previously known as Radio.com, is a free broadcast and Internet radio platform owned by the namesake company Audacy, Inc.. The Audacy platform functions as a music recommender system and is the national umbrella brand for the company’s radio network aggregating its over 235 local radio stations across the United States. In addition, the service includes thousands of podcasts. It was originally created by CBS Radio and was acquired by the former Entercom as part of the company's takeover of CBS Radio. The service's main competitors are rival station group iHeartMedia's iHeartRadio, and TuneIn. Audacy is available online, via mobile devices, and devices such as Chromecast.
* = Audacy operates under a CBS Brands License Agreement as producer with distribution handled by Westwood One.
† = Operated by Bloomberg L.P. pursuant to a time brokerage agreement. + = Operated by Urban One under a local marketing agreement; sale pending.
¤ = Owned by Urban One; operated by Audacy under a local marketing agreement; acquisition pending.
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$1.463 billion (2018)
-$361 million (2018)
