Profile: Entercom Communications Corp. (ETM)

Entercom Communications Corp. (Entercom) is a radio broadcasting company. The Company operates a nationwide portfolio of 100 radio stations in 23 markets, including San Francisco, Boston, Seattle, Denver, Sacramento, Portland, Indianapolis, Kansas City, Milwaukee, Austin, Norfolk, Buffalo, New Orleans, Memphis, Providence, Greensboro, Greenville/Spartanburg, Rochester, Madison, Wichita, Wilkes-Barre/Scranton, Springfield and Gainesville/Ocala.

On March 14, 2008, the Company acquired three radio stations in San Francisco, California, from Bonneville International Corporation (Bonneville). On July 14, 2008, Entercom sold three of its eight Rochester, New York, radio stations. On March 14, 2008, it sold to Bonneville three of its seven Seattle, Washington, radio stations, which Bonneville began operating on February 26, 2007. On March 14, 2008, the Company sold to Bonneville, four Cincinnati, Ohio, radio stations, which were acquired during the fourth quarter of 2007. On January 15, 2008, Entercom sold KLQB-FM (formerly KXBT-FM), Austin, Texas, to Univision Radio Broadcasting Texas, L.P. (Univision).

The primary source of revenues for the Company’s radio stations is the sale of advertising time to local, regional and national spot advertisers and national network advertisers. It also earns revenues from the station Websites and streaming audio. The Company retains national representative firms to sell national spot commercial airtime on the stations to advertisers outside of local markets. National spot radio advertising typically accounts for approximately 20% of a radio station’s revenues.