Sometimes I am asked why I don’t like Entercom.
I have nothing against Entercom but if I owned their stock, I’m not sure my answer would be the same.
In the time between the CBS merger announcement and now, Entercom has gone from $16 a share to $1.50 on a pretty consistent downward path.
Nothing has gone well.
It was a tax-free merger. Some 244 stations including 23 of the top 25 markets where Entercom was lacking.
Long before the coronavirus, the merger seemed destined to fail with CEO David Field seemingly more interested in cost efficiencies than maintaining the high performance he acquired from CBS.
So put podcasting aside as the great differentiator and take the company’s promises with a grain of salt from now on because D-Day is coming.
Entercom will soon have to undergo an accounting “stress test” with major implications.
Report Newstips / Contact Jerry
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