Entercom Communications (ETM) is the second largest radio station operator by revenue in the US with 235 stations. It is also a leading digital platform for delivering audio contents. ETM is the leading play-by-play sports broadcaster. It also produces live events. In November 2017, ETM acquired CBS Radio in a Reverse Morris Trust transaction.
ETM generates the bulk of its revenue from ads aired on its stations. Figure 1 showed that ETM’s business is seasonal, with 1Q being the lowest, and 4Q the highest. In a mid-term election year, revenue is higher by