By Harry Allison
Bala-based Entercom, the nation’s No. 2 radio group, made a huge bet on sports talk radio when it bought CBS Radio a couple of years ago.
About 45 percent of Entercom’s advertising revenue is generated through news, sports or talk stations.
Entercom’s battered stock closed up 1.78 percent, or $0.12 cents, to $6.88 a share. It is up from $5.24 on March 28. But the company’s stock has not fully recovered from the company’s decision in 2017 to acquire the CBS Radio empire, which included Philly station WIP.
“We have a strong conviction that our stock is undervalued,” CEO David Field told an analyst.
First-quarter Entercom revenues were $309 million compared with $300.6 million in the year-ago period. Net income was $3.1 million, a turnaround from the $13.9 million loss of a year ago.
