Radio station owners Entercom and CBS Radio announced Thursday afternoon that they are combining in a tax-free merger, creating the second-largest radio station group in the nation of some 244 stations -- including 23 of the top 25 markets in the country.

Radio station owners Entercom and CBS Radio announced Thursday afternoon that they are combining in a tax-free merger, creating the second-largest radio station group in the nation of some 244 stations -- including 23 of the top 25 markets in the country.

In Atlanta, this will bring together Entercom's contemporary music station Star 91.1 (WSTR) and CBS Radio's top-rated urban station V-103 (WVEE), urban talk News & Talk 1380, WAOK and sports talker 92.9 The Game (WZGC) under the same umbrella.

“This agreement is great for shareholders and achieves our previously stated objectives by separating our radio business in the best possible way,” said Leslie Moonves, Chairman and Chief Executive Officer, CBS Corporation. “Entercom is a superbly run company, and together with CBS Radio’s powerful brands and remarkable people, we are creating an organization that will be even better positioned to succeed in this rapidly evolving media landscape.”

David J. Field, President and CEO of Entercom, who will lead the combined company, said, “These two great companies, with their impressive histories, complementary assets, and premier content and brands, are a perfect strategic and cultural fit, enabling us to deliver local connection on a national scale and drive accelerated growth. We look forward to welcoming our talented new colleagues at CBS Radio, and we have the utmost respect for their significant contributions to the industry.”

The new combined company will maintain a strong sports platform with broadcast rights to some 45 pro sports teams including both Super Bowl teams -- the Atlanta Falcons and the New England Patriots -- along with the New York Yankees, Boston Red Sox, Chicago Cubs, and the Golden State Warriors; plus more than 100 popular local sports talk shows and the CBS Sports Radio Network, made up of more than 300 affiliated radio stations across the nation.

They also have leadership in the news and news/talk format area with some of the most listened-to news and talk radio stations nationwide, including 1010 WINS in New York City, KNX in Los Angeles, WBBM in Chicago, WBZ in Boston, KCBS in San Francisco and KYW in Philadelphia.

There's a diverse array of music formats with legendary personalities and radio stations from across the nation with a rich heritage and well-known call letters that bring big-name artists and new music acts to listeners across the USA and beyond.

The combined companies' revenue over the past 12 months was about $1.7 billion, making it the second-largest radio station ownership group in the United States, leapfrogging Atlanta-based Cumulus Media and only trailing industry giant iHeartMedia. The transaction is subject to the approval of Entercom shareholders and is expected to close during the second half of 2017, subject to regulatory approvals and other closing conditions.

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