Entercom to buy Philly’s top-rated 101.1 More FM, sell 92.5 XTU to Beasley
Entercom Communications Corp. has agreed to acquire the region’s top-rated radio station, 101.1 More FM (WBEB-FM), from Jerry Lee Radio for $57.5 million in cash. It also said it plans to sell country station 92.5 XTU (WXTU-FM) back to Beasley Broadcast Group for $38 million in cash.
Local marketing agreements will begin this coming Monday and the transactions are expected to close by the end of the third quarter.
Bala Cynwyd-based WBEB has been a top-rated station since the early 1990s, and is the only independently owned commercial FM station in the Philadelphia media market. Owned by businessman Jerry Lee, it has an adult contemporary format and switches to all Christmas music in between Thanksgiving and New Years. It had been previously known as EZ 101 and B101 before relaunching as More FM in late 2013.