(Associated Press via NewsEdge) US radio giant Entercom Communications said that it is buying 16 radio stations in five states for $292 million in cash.
The company is buying stations in Austin, Texas; Cincinnati; Memphis, Tenn.; and Rochester, New York, from CBS, as well as one in Boston from Radio One, a Lanham, Md.-based broadcaster to African-American and urban markets.
The acquisition gives Entercom an entry into the Austin and Cincinnati markets for the first time and adds to the company's presence in Memphis, Rochester and Boston.
Entercom will be selling at least two stations in Rochester to comply with ownership limitations set by the Federal Communications Commission.
The acquisitions, except the ones in Rochester, are expected to close later this year. The Rochester deals should be completed in the first half of 2007, depending on how quickly Entercom can find buyers for the stations being sold.
When the deals are completed, Entercom will operate in 22 markets nationwide.
The firm said it will continue to look for acquisitions.
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