PHILADELPHIA–(BUSINESS WIRE)–Entercom Communications Corp. (NYSE: ETM) (“the Company”) announced today that its reseller agreement with United States Traffic Network (“USTN”) has ended.
Entercom has successfully sold traffic and other short duration advertising on its own for many years. In April, Entercom took back a portion of its broadcast inventory from USTN and is achieving great success selling that inventory through its own sales channels. The Company expects to build on that success as it begins to monetize the remaining inventory taken back from USTN.
“We are relieved to no longer be mired by the difficult USTN situation that was inherited as part of the CBS Radio merger. We will move quickly to augment our strong internal sales organization to ensure that we realize the full value of this inventory,” stated David Field, President and CEO, Entercom. “With leading news brands like 1010 WINS in New York, KNX in Los Angeles, and WBBM in Chicago, Entercom has the industry’s most valuable traffic inventory and we are pleased to be in control of our own destiny as we pursue opportunities in this attractive market segment.”
The Company also noted that USTN filed a related lawsuit against Entercom on Friday. Entercom believes the lawsuit is entirely baseless, frivolous and frankly insulting. Entercom has worked tirelessly and constructively with USTN over the past six months to help USTN work through its significant financial issues. Entercom is owed substantial amounts of money by USTN, and the Company intends to defend itself vigorously and assert all of its rights.
About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is a leading American media and entertainment company reaching and engaging over 100 million people each week through its premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, Entercom offers integrated marketing solutions and delivers the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio. Learn more about Philadelphia-based Entercom at www.entercom.com, Facebook and Twitter (@Entercom).
Source: Business Wire Entertainment News