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BBGI

Beasley Broadcast

$5.10

-0.1269 (-2.43%)

, ETM

Entercom

09:11
10/18/16
10/18
09:11
10/18/16
09:11

Beasley Broadcast agrees to divest four Charlotte radio stations

Beasley Broadcast (BBGI) announced that it entered into a definitive agreement to sell two FM and two AM radio stations in Charlotte to Entercom Communications Corp. (ETM) for $24M in cash following the completion of, and contingent upon, the Company's previously announced acquisition of all of the outstanding stock of Greater Media. The planned divestiture of the four Charlotte stations reflects Beasley's previously stated intention to divest certain radio stations in order to comply with FCC ownership regulations. Beasley intends to use the net proceeds from the sale of the four stations to reduce the borrowings required to complete the Greater Media transaction. Pursuant to the terms of the agreement, Entercom will acquire WBT-FM, WLNK-FM and WBT-AM, all of which are currently owned by Greater Media and held in trust pending the completion of Beasley's acquisition of Greater Media. Entercom will also acquire Beasley's WFNZ-AM in Charlotte and an FM translator. In addition, Entercom will begin operating WBT-FM, WLNK-FM and WBT-AM upon the closing of Beasley's acquisition of Greater Media pursuant to a time brokerage agreement. The sale of the four Charlotte stations, expected to be completed later in 2016, is subject to FCC approval and other regulatory approvals, the closing of Beasley's acquisition of Greater Media and other customary closing conditions.

BBGI

Beasley Broadcast

$5.10

-0.1269 (-2.43%)

ETM

Entercom

  • 07

    Nov

BBGI Beasley Broadcast
$5.10

-0.1269 (-2.43%)

ETM Entercom

12/11/15
SPHN
12/11/15
INITIATION
Target $12
SPHN
Equal Weight
Entercom initiated with an Equal Weight at Stephens
Stephens analyst Kyle Evans started Entercom with an Equal Weight rating and $12 price target.
12/11/15
12/11/15
INITIATION

On The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ACI Worldwide (ACIW) initiated with a Neutral at Credit Suisse... Alliance Data (ADS) initiated with a Neutral at Credit Suisse... Apple (AAPL) initiated with an Outperform at BMO Capital... B&G Foods (BGS) initiated with a Neutral at DA Davidson... Blackhawk (HAWK) initiated with an Outperform at Credit Suisse... Brocade (BRCD) initiated with a Market Perform at BMO Capital... CSRA (CSRA) initiated with an Outperform at Raymond James... Cardtronics (CATM) initiated with a Neutral at BofA/Merrill... Cempra (CEMP) initiated with a Buy at Janney Capital... Dean Foods (DF) initiated with a Neutral at DA Davidson... Demandware (DWRE) initiated with a Buy at Goldman... Entercom (ETM) initiated with an Equal Weight at Stephens... FIS (FIS) initiated with a Neutral at Credit Suisse... First Data (FDC) initiated with a Neutral at Credit Suisse... Fiserv (FISV) initiated with a Neutral at Credit Suisse... FleetCor (FLT) initiated with a Neutral at Credit Suisse... Franco-Nevada (FNV) initiated with a Hold at Deutsche Bank... Global Payments (GPN) initiated with an Outperform at Credit Suisse... HP Enterprise (HPE) initiated with an Outperform at BMO Capital... HP Inc. (HPQ) initiated with a Market Perform at BMO Capital... Hain Celestial (HAIN) initiated with a Buy at Wunderlich... Heartland Payment (HPY) initiated with an Outperform at Credit Suisse... Hortonworks (HDP) initiated with a Buy at Goldman... Kosmos (KOS) initiated with a Neutral at Goldman... Lifeway Foods (LWAY) initiated with a Buy at DA Davidson... Madison Square Garden (MSG) initiated with a Buy at Guggenheim... Marketo (MKTO) initiated with a Neutral at Goldman... MicroStrategy (MSTR) initiated with a Buy at Mizuho... Milestone Scientific (MLSS) initiated with a Buy at Maxim... NetApp (NTAP) initiated with a Market Perform at BMO Capital... New Relic (NEWR) initiated with a Neutral at Goldman... Nimble Storage (NMBL) initiated with a Market Perform at BMO Capital... NxStage Medical (NXTM) initiated with a Buy at Sterne Agee CRT... PayPal (PYPL) initiated with an Outperform at Credit Suisse... Pinnacle Foods (PF) initiated with a Neutral at DA Davidson... Pure Storage (PSTG) initiated with an Outperform at BMO Capital... Qlik Technologies (QLIK) initiated with a Buy at Goldman... Royal Gold (RGLD) initiated with a Buy at Gabelli... Seagate (STX) initiated with a Market Perform at BMO Capital... ServiceNow (NOW) initiated with a Neutral at Goldman... Splunk (SPLK) initiated with a Neutral at Goldman... Strongbridge Biopharma (SBBP) initiated with a Buy at Janney Capital... Tableau (DATA) initiated with a Neutral at Goldman... Tahoe Resources (TAHO) initiated with an Overweight at JPMorgan... Teradata (TDC) initiated with a Sell at Goldman... Total System (TSS) initiated with an Underperform at Credit Suisse... Townsquare Media (TSQ) nitiated with an Overweight at Stephens... Twitter (TWTR) initiated with an Underperform at CLSA... Vantiv (VNTV) initiated with an Outperform at Credit Suisse... Verifone (PAY) initiated with a Neutral at Credit Suisse... WEX Inc. (WEX) initiated with an Outperform at Credit Suisse... Western Digital (WDC) initiated with a Market Perform at BMO Capital... WhiteWave (WWAV) initiated with a Hold at Wunderlich... Yamana Gold (AUY) initiated with an Overweight at JPMorgan... Zendesk (ZEN) initiated with a Buy at Goldman.
05/03/16
WELS
05/03/16
NO CHANGE
WELS
Entercom reported 'great' Q1 results, says Wells Fargo
Wells Fargo notes that Entercom's Q1 same station revenue excluding political came in above expectations. The firm thinks that the company is gaining share, while its stations are executing very well. It keeps an Outperform rating on the shares.

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