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ETM - Entercom: Management Is Too Optimistic Avoid For Now
Entercom Communications Corp.
Since merging with CBS Radio, shares of Entercom Communication (ETM) have been steadily falling, mainly due to the amount of debt raised to close the merger. If you have been following the radio space, you may know that Cumulus Media (CMLS) and iHeartRadio (IHRT) went bankrupt because of excessive amounts of debt, as a result of highly leveraged M&A activity.
Off course, ETM didn’t file for Chapter 11 or had a level of debt as high as those of its peers, but it has another problem. The management, now