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Entercom: Merger With CBS Radio Expected To Close As Early As Nov. 17

Entercom Communications Corp. (ETM) announced a settlement with the Antitrust Division of the U.S. Department of Justice that will allow it to move forward with its proposed merger with CBS Radio. Entercom now expects the transaction to close as early as November 17, pending approval from the Federal Communications Commission.

The company also announced that it has increased its dividend to an annual amount of $0.36 per share, beginning with the dividend to be paid in the fourth quarter of 2017. A quarterly dividend of $0.09 per share will be paid on December 15, 2017 to shareholders of record on November 28, 2017.

The company also announced that its Board authorized a $100 million share repurchase program. The company currently anticipates repurchasing approximately $30 million in Class A common stock by the end of 2018, subject to market conditions.

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