ETM - Entercom Update: Strong Free Cash Flow Attractive Valuation
The Second-Largest Radio Business
Entercom (ETM) was founded in 1968 by Joseph Field with the belief that FM radio, not AM, would one day dominate the airwaves. The company grew through acquisitions and improvements to existing stations and listed its shares in an IPO in 1999. That same year, Entercom acquired 43 stations from Sinclair Broadcast Group and became the fifth-largest radio broadcaster in the country. At the end of November 2017, the company completed its massive merger with CBS’ radio properties (net of a couple divestitures for regulatory clearance) via a Reverse