Entercom Communications Corp. (ETM: Quote) announced that it has signed a definitive agreement to acquire 102.9 KBLX-FM from Inner City Media Corporation and its subsidiaries for $25.0 million in cash.
KBLX will become the fourth brand in Entercom's San Francisco cluster, joining Entercom's existing lineup of music station 96.5 KOIT-FM, sports talk station The Game 95.7 KGMZ-FM and classic rock station 98.5/102.1 KUFX-FM, the company said.
Entercom noted that it will begin operating KBLX under a time brokerage agreement or "TBA" which will take effect after approval by the U.S. Bankruptcy Court which is administering ICMC's bankruptcy proceedings and overseeing the sales process. Entercom expects the TBA to be approved in late April and plans to maintain the station's urban programming format.
The closing of the transaction is subject to certain customary closing conditions, including approval of the Federal Communications Commission which is expected later this year.
by RTT Staff Writer
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