Entercom Communications (Philadelphia) and CBS Corporation’s have announced a merger—pending approval by Entercom shareholders, expected to close during the second half of 2017—by which Entercom will combine with CBS Radio to create a radio platform with a nationwide footprint of 244 stations, including 23 of the top 25 U.S. markets, as well as digital capabilities and events platform.
“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.”
Andre Fernandez, who will continue as President and CEO of CBS Radio through the closing of the transaction, said, “I couldn’t be more proud of the CBS Radio team and all of the exciting breaking news, live events, and business initiatives happening every day across the country. Today marks the beginning of a new chapter for us as we join with an organization with an equally deep tradition in radio broadcasting. The opportunities for the new company are enormous – thanks to our combined collection of industry-leading stations and brands.”
The merger will create a local media and entertainment company with strong, complementary assets on a national scale, including:
- A sports platform with the rights to broadcast 45 pro sports teams, and 100+ popular local sports talk shows, as well as the CBS Sports Radio Network, which is made up of 300 affiliated radio stations across the country
- News and news/talk format, with some of the most-listened-to news and talk radio stations nationwide
- Music and entertainment formats with popular personalities who are leading influencers of custom curated music and entertainment experiences that drive music discovery
- Creator of more than 4,500 live original events per year, including music festivals and large shows
- Digital content that expands local on-air talent
- Monetization of intellectual property for dozens of major-market radio shows
- Legendary local stations
The combined companies’ pro forma revenue on a trailing 12 months basis was approximately $1.7 billion – which would make it the second-largest radio station owner in the United States – and adjusted EBITDA was nearly $500 million, including expected transaction synergies. The merger will create a well-capitalized company with a market cap of over $2 billion.
The combination of CBS Corporation’s radio business with Entercom will be effected through a “Reverse Morris Trust” transaction, which is expected to be tax-free to CBS and its shareholders. Immediately following the completion of this exchange offer, CBS Radio will merge with an Entercom subsidiary, with the new CBS Radio shareholders receiving Entercom shares in exchange for their CBS Radio shares in the transaction. After completion of the merger, CBS Radio shareholders will receive approximately 105 million Entercom shares, or 72% of all outstanding shares of the combined company on a fully diluted basis. Existing Entercom shareholders will own 28% of the combined company on a fully diluted basis.
Morgan Stanley & Co. LLC and Centerview Partners are serving as financial advisors, and Latham & Watkins LLP is serving as legal counsel to Entercom. Goldman, Sachs & Co. is serving as financial advisor, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to CBS Corporation.
A division of CBS Corporation, CBS Radio owns 117 radio stations in 26 markets – including all of the top 10 radio markets as ranked by Nielsen Audio.
Entercom is the fourth-largest radio broadcasting company in the United States, reaching and engaging more than 40 million people a week through its 127 highly rated stations in 27 top markets across the country. Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite.
CMT Public Voting Opens For NSAI Song Contest
/by Jessica NicholsonThe 17th Annual Song Contest presented by CMT has presented its 11 finalists, each vying for the top prize, which includes $5,000 cash, a mentoring session with Capitol Nashville artist Charles Kelley, and additional prizes including a one-year single song contract with Round Hill Music, live performances at the 25th annual Tin Pan South Songwriters Festival and The Bluebird Cafe, a three-day trip to Nashville, and more.
Fans can vote for their favorite song through Feb. 28, 2017 by visiting nsai.cmt.com. Voting is limited to one vote per person per song during the length of the voting period.
17th Annual NSAI Song Contest Grand Prize Award Finalists:
Derek Austin and Marc Oriet from Nashville, TN
Sydney Cubit from Nashville, TN
Chloe Dolandis and Zach Ziskin from Delray Beach, FL
Bobby Evans, Tyler Lewis and Joe Bizelli from St. Louis, MO
John Robert Hemingway, Richie Sessions and Arianna Lyrist from Gallatin, TN
John Robert Hemingway and Richie Sessions from Gallatin, TN
Lauren McLamb and Trannie Stevens from Nashville, TN
Brian Payne from Nashville, TN
Jenny Ray from Nashville, TN
Kayley Nell Walker from Arlington, TX
Davis Weir and Doug Jones from Nashville, TN
Corporate partners for the contest include ASCAP, BMI, CMT, Loews Vanderbilt Hotel, SESAC, Southwest Airlines, Round Hill Music, HoriPro Entertainment and We Make Tapes & Discs.
Industry Signings: Absolute Publicity, C2 Media Relations, Spin Doctors Music Group
/by Jessica NicholsonAbsolute Publicity Adds Lari White
Pictured (L-R): Lari White, Absolute Publicity’s Don Murry Grubbs.
Three-time Grammy Award-winning singer/songwriter Lari White has signed with Absolute Publicity for PR representation.
“We are very proud to welcome the great Lari White on-board as she enters her 25th year in the music business,” says Absolute Publicity President Don Murry Grubbs. “Singer, songwriter, producer, actress, author… she’s done it all. Lari’s upcoming release is her first in 13 years and after listening I can tell you it’s well worth the wait!”
Absolute Publicity is handling public relations for White’s upcoming double-disc EP, Old Friends, New Loves. The new project is slated for a Feb. 10 release with pre-sale orders available now at iTunes, Amazon and lariwhite.com.
C2 Media Relations Adds Andy Buckner
Andy Buckner
Recording artist Andy Buckner has been added to the C2 Media Relations roster. The 24-year-old’s gritty, soulful voice can be heard in 13 songs featured on FX’s Justified and Season 9 of NBC’s The Voice.
The C2 Media Relations roster also includes Smithfield, Lonestar, Trick Pony, Lucy Angel, Music City Light, CountryFlo Music Festival and more.
Spin Doctors Music Group’s SMG Records Adds Rutledge
Rutledge
Spin Doctors Music Group has signed Virginia-based band Rutledge to their artist roster on SMG Records.
Rutledge includes Adam Rutledge serving as lead vocalist and guitarist. Rutledge has shared the stage with many national acts including Lee Brice, Montgomery Gentry, Old Dominion, Brothers Osborne, LoCash, Eli Young Band, Cassadee Pope, David Nail, Rodney Atkins, Laura Alaina, and more.
“We’re excited about the new sound Rutledge brings to country radio and they will be a good fit for our SMG label roster; watch out for this group…they will be a force to reckon with,” said Al Brock, President/CEO of The Spin Doctors Music Group.
Spin Doctors Music Group was founded in 2010 as a radio promotion company, and has since evolved into an artist/label services company, with divisions including Spin Doctors Promotions, SMG Records, Next Generation Artist Management, Riverfront Promotions, Mockingbird Touring and Tour Support, and Next Generation Marketing. SDMG is a wholly-owned subsidiary of Brock Entertainment Inc.
Craig Shelburne Joins Richlyn Marketing In VP Role
/by Jessica NicholsonCraig Shelburne
Richlyn Marketing has hired Craig Shelburne in the newly-created role of Vice President.
Shelburne has been part of the Nashville music industry for 20 years. He comes to Richlyn Marketing following his roles as General Manager at MusicRow Magazine and Senior Editor at CMT.com. He is currently writing the first-ever biography of Country Music Hall of Fame member Don Gibson, whose songwriting credits include “Sweet Dreams,” “Oh Lonesome Me” and “I Can’t Stop Loving You.”
At Richlyn Marketing, Shelburne will be part of the account team for Songbirds Guitar Museum in Chattanooga, Tennessee; Blue Rose Music artist Gwyneth Moreland; folk ensemble The Nell Robinson & Jim Nunally Band; and singer-songwriter Lindi Ortega.
“Craig and I have worked closely together on projects many times over the years, and I have always been impressed with his ability to capture our clients’ spirit in his writing. His creative thinking and insightful management skills are a brilliant addition to our fast-growing team,” says company co-founder Kate Richardson.
“We are thrilled to have Craig part of our team! His knowledge of current and classic music is such an asset to Richlyn Marketing,” says company co-founder Lynn Tinsey.
“I have always been impressed with the integrity of Richlyn Marketing,” Shelburne says. “Because they represent the Don Gibson American Music Foundation, I was able to see firsthand how hard they work for their clients. After spending a few months conducting interviews and research for the biography, I am grateful and honored to join the company.”
In addition to contributing to a number of national music publications, Shelburne has written scripts for the International Bluegrass Music Association (IBMA) Awards for the last two years. He has written multiple program books for the Academy of Country Music Awards, the American Music Awards and the Billboard Music Awards. In 2015, he wrote songwriter profiles and selected archival footage for the Country Music Hall of Fame and Museum’s education series Words & Music.
A Nebraska native, he received a journalism degree from Belmont University in Nashville.
BMG Inks Exclusive Publishing Deal With Netflix
/by Lorie HollabaughBMG has entered into an exclusive agreement with Netflix to manage and administer the network’s music publishing rights outside the United States. The agreement includes scores, transition cues, themes, and feature songs for all content owned by Netflix for its Netflix Originals, including TV series, feature films, documentaries, and other original content.
The world’s leading internet TV network, Netflix has over 93 million subscribers in over 190 countries who use the service to watch more than 125 million hours of TV, movies, and other content every day.
“It is an understatement to say we are excited to be working with Netflix,” said Zach Katz, BMG US President Repertoire & Marketing. “This agreement is a significant endorsement of the BMG team and platform from one of the most forward-thinking and innovative entertainment companies in the world. It also highlights the particular strength of Keith Hauprich (Deputy General Counsel, BMG US) and his film and TV publishing team.”
“After a long process of selecting the right partner for Netflix, we are delighted to be able to announce this new partnership with BMG and look forward to getting started with the team there,” said Dominic Houston, Director of Music Licensing at Netflix. “We were particularly impressed by the commercial and technology expertise of BMG, and are excited to see what opportunities we can develop together.”
Dickinson Wright Adds Entertainment Attorney Noah McPike
/by Jessica NicholsonNoah McPike
Dickinson Wright PLLC has hired Nashville-based entertainment attorney Noah McPike to join the firm’s Music Row office. McPike’s practice not only spans representation of independent and major label artists, writers, producers, and industry executives, but also new media, intellectual property and corporate clients.
McPike’s career work has included representing artists that have collectively sold more than 15 million albums worldwide, securing and negotiating major label/major independent label recording agreements, negotiating touring agreements and asset/catalog purchase agreements, and working extensively with entertainment and corporate clients to develop and protect their intellectual property rights through the procurement and licensing of copyrights and trademarks. Additionally, he has negotiated sponsorship, performance, and distribution and licensing agreements. McPike’s practice also includes corporate formation, and drafting and negotiating investment, operating and joint venture agreements.
“I have known Noah for quite a few years and have not only been friends with him but respected his work when he was on the other side of deals,” said Derek Crownover, Member, International Entertainment, Sports and Media Practice Group Leader. “He and I both gained great experience with Orville Almon in the past too. Noah will be a great addition and team member for our growing group on Music Row and we are very excited to have him here with this great team we are building.”
“I’ve been honored to represent some truly great people in Nashville and the music industry as a whole,” said McPike. “Joining a world class firm like Dickinson Wright, and having access to the firm’s vast array of resources, will allow me to continue providing services to my clients at the highest level. I am both humbled and thrilled to be joining Derek Crownover, a great lawyer and friend, and his amazing team.”
McPike received his law degree at the University of New Hampshire School of Law (formerly Franklin Pierce Law Center), and his undergraduate degree at the College of the Holy Cross.
McPike is an active member of Copyright Society of the South, has served on the Executive Council for the Tennessee Bar Association Sports and Entertainment Law Section, serves as a volunteer attorney for Tennessee Volunteer Lawyers for the Arts and is a regular speaker on the entertainment CLE circuits. McPike has also won the following awards: Super Lawyers® Rising Star (Mid-South) (2014 – 2016), Team Member award in the U.S. News & World Report®, – Best Lawyers – Tier 1 Law Firm in Entertainment Law – Music (2013 – 2016), and Honorary Member, UMKC Entertainment & Sports Law Society (2011).
McPike can be reached at nmcpike@dickinsonwright.com and (615) 577-9607 or at ext. 6607.
Keith Urban Helps Musicians on Call Celebrate 10th Anniversary
/by Lorie HollabaughMusicians On Call celebrated its 10th anniversary in Nashville with a special visit from Keith Urban and the patients at The Children’s Hospital at TriStar Centennial. Urban serenaded the young patients as part of MOC’s Bedside Performance Program, where musicians across the country have delivered the healing power of music to over half a million patients. Urban delivered acoustic renditions of some of his biggest hits including “Blue Ain’t Your Color,” ”Wasted Time,” “You Look Good In My Shirt,” and “Somebody Like You,’ for the thrilled patients, families, and caregivers in attendance during his MOC visit.
“The power of music to not only connect people, but to bring comfort into someone’s life is something quite divine,” Urban said. “Visiting with these kids and their families yesterday was truly inspiring, as was the chance to play for them and bring a little light to their day, even if for a few moments. I’m very grateful to Musicians On Call for the good work they do and honored to be a small part of that.”
MOC will kick off its 10th anniversary celebration with a series of high profile hospital visits, a community engagement campaign, and a high profile celebration event in the Fall.
“It was an absolute honor to have country music icon Keith Urban join us to help deliver the healing power of music,” said Pete Griffin, Musicians On Call President. “Musicians On Call is celebrating the 10th anniversary of our Nashville programs and we couldn’t have asked for a better way to kick off this year-long celebration.”
CBS Radio And Entercom To Create Radio Platform
/by Eric T. ParkerDavid 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.”
Andre Fernandez, who will continue as President and CEO of CBS Radio through the closing of the transaction, said, “I couldn’t be more proud of the CBS Radio team and all of the exciting breaking news, live events, and business initiatives happening every day across the country. Today marks the beginning of a new chapter for us as we join with an organization with an equally deep tradition in radio broadcasting. The opportunities for the new company are enormous – thanks to our combined collection of industry-leading stations and brands.”
The merger will create a local media and entertainment company with strong, complementary assets on a national scale, including:
The combined companies’ pro forma revenue on a trailing 12 months basis was approximately $1.7 billion – which would make it the second-largest radio station owner in the United States – and adjusted EBITDA was nearly $500 million, including expected transaction synergies. The merger will create a well-capitalized company with a market cap of over $2 billion.
The combination of CBS Corporation’s radio business with Entercom will be effected through a “Reverse Morris Trust” transaction, which is expected to be tax-free to CBS and its shareholders. Immediately following the completion of this exchange offer, CBS Radio will merge with an Entercom subsidiary, with the new CBS Radio shareholders receiving Entercom shares in exchange for their CBS Radio shares in the transaction. After completion of the merger, CBS Radio shareholders will receive approximately 105 million Entercom shares, or 72% of all outstanding shares of the combined company on a fully diluted basis. Existing Entercom shareholders will own 28% of the combined company on a fully diluted basis.
Morgan Stanley & Co. LLC and Centerview Partners are serving as financial advisors, and Latham & Watkins LLP is serving as legal counsel to Entercom. Goldman, Sachs & Co. is serving as financial advisor, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to CBS Corporation.
A division of CBS Corporation, CBS Radio owns 117 radio stations in 26 markets – including all of the top 10 radio markets as ranked by Nielsen Audio.
Entercom is the fourth-largest radio broadcasting company in the United States, reaching and engaging more than 40 million people a week through its 127 highly rated stations in 27 top markets across the country. Entercom delivers superior ROI by connecting its customers and audiences through its leading local brands and local marketing solutions, which include over 4,000 events each year, and its SmartReach Digital product suite.
Sturgill Simpson, Little Big Town Join Lineup of Grammy Performers
/by Lorie HollabaughSturgill Simpson, Little Big Town
Little Big Town, Sturgill Simpson,William Bell with Gary Clark Jr., and Chance The Rapper are the latest stars announced as performers on the upcoming 59th Annual Grammy Awards on Feb. 12.
The five join a star-studded lineup that already includes Adele, Daft Punk, Dave Grohl, Alicia Keys, John Legend, Bruno Mars, Metallica, Maren Morris, Anderson .Paak, A Tribe Called Quest, Carrie Underwood, Keith Urban, and The Weeknd.
Simpson is nominated for Album Of The Year and Best Country Album for A Sailor’s Guide To Earth. Bell is nominated for Best Traditional R&B Performance for “The Three Of Me” and Best Americana Album for This Is Where I Live. Chance The Rapper is up for seven Grammys, including Best New Artist.
During last year’s Grammy awards, Little Big Town was honored with the Best Country Group/Duo Performance for “Girl Crush.”
Hosted by James Corden, the awards will be telecast live at 8 p.m. ET on CBS-TV.
Garth Brooks Added To Randy Travis Tribute Concert
/by Jessica NicholsonGarth Brooks
Joining the star-studded tribute to Randy Travis on Feb. 8, 2017, will be reigning CMA Entertainer of the Year Garth Brooks.
“Mary and I are so blessed to have amazing friends all over this industry. Garth Brooks is an amazing artist who always entertains everyone in the house, I am humbled by his involvement,” said Travis.
The event, titled 1 Night. 1 Place. 1 Time: A Heroes and Friends Tribute to Randy Travis, will also feature performances from over 30 artists including Alabama, Rodney Atkins, Kane Brown, Mark Chesnutt, James Dupre, Jeff Foxworthy, Montgomery Gentry, Ben Haggard, Chris Janson, Jamey Johnson, Alison Krauss, Neal McCoy, Scotty McCreery, William Michael Morgan, Joe Nichols, Paul Overstreet, Shane Owens, Michael Ray, Collin Raye, Ricky Skaggs, Kenny Rogers, Daryle Singletary, Michael W. Smith, The Bellamy Brothers, The Randy Travis Band, Ricky Traywick, Travis Tritt, Tanya Tucker, Josh Turner, Phil Vassar, Chuck Wicks, Wynonna, Chris Young, with more still to be announced.
A portion of the proceeds will go to the Randy Travis Foundation; a 501(c)3 non-profit that raises money for stroke research and rehabilitation. Tickets for the historic night are on sale now at all Ticketmaster locations and the Bridgestone Arena Box Office.
Cameo Carlson Launches mtheory Nashville
/by Jessica NicholsonCameo Carlson
Cameo Carlson has exited her role as Head of Digital and Business Development at Borman Entertainment to partner with artist management/development company mtheory. Carlson has been named President of mtheory Nashville, establishing the company’s Nashville division.
Mtheory, which has offices in New York and Los Angeles, has helped managers including TMWRK, Element One, Young Turks, Blood Company, Nettwerk and Future Classic build some of the business’s biggest recent breakouts, including Major Lazer, Twenty One Pilots, The xx, Skrillex, Father John Misty and Flume.
At Borman, Carlson spent six years overseeing initiatives for artists ranging from Keith Urban and Alison Krauss to My Morning Jacket, among others. A former Executive Vice President at Universal Motown Republic and Manager of Label Relations and Music Programming at iTunes, Carlson holds two U.S. Patents and has been recognized as a Top Mobile Executive and “Digital Queen” by Billboard. She serves as a mentor for the Nashville Entrepreneur Center’s Project Music, is a 2010 alumna of Nashville’s Leadership Music, a member of SOURCE, a member of the SXSW Accelerator Advisory Board and currently co-manages social and mentoring group Digital Divas.
“I will be forever grateful to Gary [Borman] and the Borman Entertainment team,” said Carlson. “Their professionalism, ethics and unmatched dedication to servicing their clientele have prepared me for this next career chapter. I’m looking forward to using what I learned there to support the broader artist management community through my partnership with mtheory. I’m so excited about the partnership because I’ve long felt that the role of the manager has shifted dramatically and managers have a huge opportunity to grow their artists by augmenting their capabilities. mtheory has been helping managers address this challenge for over seven years.”
“We are excited to partner with such a respected and innovative executive such as Cameo,” said J.T. Myers, CEO of mtheory. “At mtheory, we recognize the increasing importance of strong artist management in order to develop career artists and help them reach their overall goals. We also understand how important a deep understanding of country music and the Nashville marketplace is to building successful artists in the genre. So we are very excited to combine Cameo’s outstanding marketing expertise and Nashville track record with our holistic approach to career marketing.”
“Cameo has been a tremendous asset to our company,” said owner Gary Borman, CEO of Borman Entertainment. “She has led our digital initiatives over the past six years, and has served to establish what will remain one of the strongest digital marketing departments, I believe, at any management company. I wish her and mtheory great success in this new venture.”
Cameo can be reached at cameo@mtheory.com or at (615) 348-8260.